Hawaii single-family home prices hit record high in September

Local News
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The price of single-family homes hit a new record high in September, but that didn’t discourage people from buying.

According to a report released Wednesday from the Honolulu Board of Realtors, sales of single-family homes during September 2015 increased by 7.6 percent from September 2014, while condominium sales increased by 5.5 percent compared to September 2014.

The median price paid for single-family homes in September 2015 increased by 7.6 percent from the same month last year to $730,000, which the Honolulu Board of Realtors says is an all-time record.

The median price for condominiums increased by 5.5 percent from September 2014 to $366,000.

Single Family Home Resales

Number of SalesThis Month Compared ToMedian Sales Price*This Month Compared To
September 2015329$730,000
September 20143183.5%$678,5007.6%

Condominium Resales

Number of SalesThis Month Compared ToMedian Sales Price*This Month Compared To
September 2015480$366,000
September 201441515.7%$347,0005.5%

*Median price means half the prices were above and half below the given price.

According to the Days on Market indicator, the median days on market for single-family homes was 20 days, while the median days on market for condominiums was 19 days.

“September was another very robust month for housing sales, both in the single-family home and condo markets,” said Jack Legal, president of the Honolulu Board of Realtors. “While single-family homes set a new record with a median price of $730,000, there were a fair number of properties sold in what we would consider the affordable range. Ten percent of the sales were from $300,000 to $500,000, showing that there are options at all price points in the market – it just takes some looking. We are hopeful that the inventory of homes on the lower end of the spectrum will continue to grow to meet demand.”

Note: This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.

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