Oahu’s housing market finally hit the $1 million median sale price mark for single-family homes.
The Honolulu Board of Realtors said in a report released today that single-family homes topped the$1 million mark by $50,000 last month.
The record median sale price of $1,050,000 in August represented a 25% gain over $839,000 in the same month last year and was not surprising given market momentum earlier this year in which buyer demand has been outstripping supply and produced seven new median price peaks in eight months this year.
“As we’ve seen all year, limited inventory paired with increased purchasing power due to near-record-low interest rates continues to drive sales prices in a fiercely competitive market,” Shannon Heaven, the trade association’s president, said in a statement.
The progression this year started with a median single-family home sale price of $883,000 in January, which was $117,000 below the $1 million mark. Then the figure kept rising to $917,500 in February, $950,000 in March, $978,000 in May and then $979,000 in July.
Condominiums also sold for a record median price in August — $500,000, which was a 16% gain over $430,000 in the same month last year.
The median price is a point at which half the sales were for more and half for less.
Sale volume for both single-family homes and condos was strong last month, and was in line with a trend for most of this year.
There were 425 single-family home sales in August, up 15% from 370 a year earlier. The number of condo sales surged 65% to 675 last month from 409 a year earlier.