Oahu housing statistics July 2016

Tight housing supply continues – July 2016 Oahu Housing Statistics

Oahu Housing Statistics show that properties sell faster in July 2016. The Oahu real estate statistics for the month of July 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* Oahu
home sales price
This Month 
Compared To
July 2016322$746,000
July 2015337-4.5%$710,000+5.1%
Oahu Condominium Re-sales
Number of Oahu
condo sales
This Month
Compared To
Median* 
Oahu Sales Price
This Month 
Compared To
July 2016
444$400,000
July 2015501-11.4%$350,000+14.3%

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

July 2016 tight supply pushes house prices higher for Oahu

During July, the median price paid for single-family homes increased by 5.1% year over year to $746,000. The median price for condominiums increased by 14.3% percent from last year to  $400,000. Sales of single-family homes declined by 4.5% units year over year, while condominium sales declined by 11.4 percent from July 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 18 days.

August 8 News Release: July 2016 Honolulu real estate statistics

“While sales of both single-family homes and condos dipped compared to the previous year, the increase in prices year-over-year for both indicates the housing market is still very strong,” said Kalama Kim, 2016 president of the Honolulu Board of Realtors. “The drop in condo sales is typical of the cyclical nature of the real estate market. Historically, we’ve seen a peak in condo resales during the summer, followed by a slight dip the following month. As for prices, a decrease in the number of sales with a corresponding increase in prices usually means buyers are being more aggressive with their offers. That said, home affordability is more favorable than a decade ago because of extremely low mortgage interest rates.”

 

Daily Oahu real estate market watch with instant statistics, new listings for the day and links to neighborhood statistics and real estate data such as Kakaako neighborhood statistics.

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