With single-family home prices nearing the record high set last summer, more Oahu buyers purchased a condo or townhouse unit instead, pushing sales up by double digits.
A total of 221 single-family homes were sold in February 2017, a nearly 8 percent drop from a year ago. The average sales price was $893,468, reflecting a 7.6 percent increase.
Condo sales, however, climbed 11.7 percent, with 362 units sold. The average sales price was $461,275, reflecting a 6.8 percent increase.
The median price increased for both single-family homes and condos on Oahu, with condos at $385,000 (a 1.7 percent increase) and single-family homes at $755,000 (a 7.9 percent increase).
Last month’s home median almost matched the record high set in June 2016, when the price peaked at $760,000.
“The volume of single-family houses coming onto the market is not keeping pace with the demand,” said Sue Ann Lee, president of the Honolulu Board of Realtors. “With limited inventory, it is no surprise that home prices are soaring. The double-digit increase in condominium and town home sales reflects buyers’ needs for an affordable alternative to single-family houses.”