Oahu’s December housing market helped bring 2017 to a strong finish with gains in both condominium and single-family home sales and median prices.
As many as 361 single-family homes traded hands in December 2017 up 5.9 percent from the same month in 2016. The median price paid for a single-family home in December 2017 rose 2.3 percent to $750,000 from December 2016’s $730,000. The median price refers to the mid-point of the market, which means that in December 2017 half of Oahu homes sold for more than $750,000 and half of Oahu homes for less.
The median price paid for a condominium in December rose to $405,000, up 3.8 percent from the same month in 2016 when the median was $390,000. While December condominium sales fell 12.2 percent to 461, the decline wasn’t enough to mar the year-end market.
It was a brisk market in December, when the median time that it took to sell a single-family home was 20 days and 18 days for a condominium.
“The 12 percent decrease in condominium sales last month is a bit misleading, since the market experienced a nearly 24 percent spike in December 2016; overall condo sales were still very robust in December 2017,” said Sue Ann Lee, Honolulu Board of Realtors president, in a statement. “In terms of inventory, it’s encouraging to see more condominium and town-home units being actively listed. While Oahu’s residential real estate market experienced record median prices in 2017 for both single-family homes and condos, demand continues for housing at all price points.”
For the full year 2017, 3,908 single-family homes sold, up 6.3 percent from full year 2016. At the same time, the 2017 full-year median sales price rose 2.7 percent to $755,000 from the year ago $735,000. In 2017, buyers purchased 5,824 condominiums, a 6.9 percent rise from 2016. The median price for a condominium in 2016 rose 3.8 percent to $405,000 from 2016’s $390,000 median.