Oahu housing prices August 2016

Supply shortage pushes Real Estate prices higher on Oahu

Housing Statistics show the supply shortage is pushing Real Estate prices on Oahu higher in August 2016. The Oahu real estate statistics for the month of August 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
August 2016344$747,500
August 20153440.0%$699,000+6.9%
Oahu Condominium Re-sales
Number of Oahu
condo sales
This Month
Compared To
Median* 
 Sales Price Oahu
This Month 
Compared To
August 2016
481$398,000
August 201542812.8%$354,000+12.4%

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

August 2016 tight supply pushes house prices higher for Oahu

During August, the median price paid for single-family homes increased by 6.9% year over year to $747,500. The median price for condominiums increased by 12.4% percent from last year to  $398,000. Sales of single-family homes were unchanged year over year, while condominium sales increased by 12.8 percent from August 2015. According to the Days on Market indicator, single-family homes were on the market for 16 days while condominiums were on the market for 15 days.

September 8 News Release: August 2016 Honolulu real estate statistics

"The market desperately needs more inventory to house potential home owners who are buying for the first time, and those moving to our island looking for a place to live,” said Kalama Kim, 2016 Honolulu Board of Realtors President. “During the month of August, the number of homes for sale dropped compared to last year, and it took just 16 days before the homes which sold accepted an offer. There are buyers who have been in the market for over a year because of market conditions, and run the risk of being priced out of the market as demand pushes prices up. New construction of homes would help solve those issues."

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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