Oahu Real Estate Market Update

Oahu Real Estate Market Update for May 2017

Oahu Housing Sales Surge in May!

Sales of single-family houses and condominiums spiked in May, according to resales figures released today by the Honolulu Board of REALTORS®. The analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, offer the following statistics:

Single-Family Home Resales

Number of Sales Median Sales Price
May 2017 362  (13.5%) $745,000  (3.6%)
May 2016 319 $719,000

Condominium Resales

Number of Sales Median Sales Price
May 2017 540  (+13.2%) $406,500  (+9.0%)
May 2016 477 $373,000

During May 2017, the number of single-family houses sold increased by 13.5 percent and similarly, condominium sales rose by 13.2 percent compared to May 2016. The median price for single-family houses was $745,000, a 3.6 percent increase from the same time period last year, while condos increased by 9 percent to $406,500. According to the Days on Market indicator, sales of single-family houses and condominiums both closed at 14 days on market, a faster pace compared to last year when single-family houses and condominiums averaged 17 days and 15 days on the market, respectively.

“Summer is typically the peak of housing sales and this year we’re off to a great start with May bringing near-record closed sales,” said Sue Ann Lee, president of Honolulu Board of REALTORS®. “Single-family home sales were the highest we’ve seen since August 2013 and condominiums are up by double digits. With the continued demand for housing and limited inventory, it’s not surprising that pending sales quickly translated to closed sales from eager homebuyers in all price ranges. We anticipate a high number of closed sales in the coming weeks as pending single-family home sales are up by 37.7% and condo sales are 25.3% higher than last May.”