Hawaii Housing market strength in October 2016

Hawaii Housing Statistics show the supply shortage is pushing Real Estate prices on Oahu higher in October 2016. The Oahu real estate statistics for the month of October 2016 are released today. According to the analysis by the Honolulu real estate board, using data collected from its computerized Multiple Listing Service (MLS) system, the Oahu Hawaii island housing supply and statistics are:

Oahu (Hawaii) Single-Family Home Re-sales
Number of Oahu
home sales
This Month
Compared To
Median* 
home sales price Oahu
This Month 
Compared To
Oct. 2016335$742,000
Oct. 20153137.0%$720,000+3.1%
Oahu Condominium Re-sales
Number of Oahu
condo sales
This Month
Compared To
Median* 
 Sales Price Oahu
This Month 
Compared To
Oct. 2016
428$396,000
Oct. 2015454-5.7%$370,000+7.0%

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

October 2016 Housing market strength for Oahu

During October, the median price paid for single-family homes increased by 3.1% year over year to $742,000. The median price for condominiums increased by 7% from last year to  $396,000. Sales of single-family homes increased by 7% year over year, while condominium sales decreased by 5.7 percent from October 2015. According to the Days on Market indicator, single-family homes were on the market for 19 days while condominiums were on the market for 20 days.

November 8 News Release: October 2016 Honolulu real estate statistics

“Despite heading into what traditionally is a slower time for sales, demand for single-family homes was robust.” said Kalama Kim, 2016 Honolulu Board of Realtors President. "This could be an indication that buyers are trying to find a home to purchase before mortgage interest rates rise. Condos did not do quite as well as far as the number of sales is concerned, but the seven percent spike in median price also is an indication that demand for the units that are available was strong. We are encouraged that there was a sharp rise in new condo listings in October, as more inventory is still needed to satisfy the demand for housing."

You can monitor the daily Honolulu housing market with instant statistics, new listings for the day and links to neighborhood statistics and real estate data such as Kakaako neighborhood statistics. Visit it here: Daily Oahu real estate market watch 
We also have instant housing statistics for Maui island. Visit it here: Daily Maui real estate market watch.  When you click on a neighborhood it brings you to the pricing heat map for that area.
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