Honolulu Board of Realtors, Multiple Listing Service, charts for Oahu, Hawaii, single family homes and condominiums, depicts monthly data from December 2013 through December 2014.
For Single Family Homes, the median sales price (+0.7%), the average sales price (+6.1%), and closed sales (+0.4%) are both up from last December with little change to the number of days houses are spending on the market (23 days). Considering that sellers are receiving 96 percent of the list price, house listing prices are representative of fair market value. With a decreasing number of active listings (-2.3%), the local market may be poised for additional price increases.
For Condominiums, the average sales prices (+9.4%) and median sales price (+9.5%) are both up from last December with no change in the number of closed sales. Condominiums are spending less time on the market (22 days) with the median days on market down (-18.5%) while months of inventory (3.0 months) and number of active listings (1,627 listings) are slightly up from December 2013. But the number of new condominium listings is down 7.2 percent and sellers are still receiving their list price.
For more information on this report, to find out what’s happening in the market today, or a more long-term perspective talk with a local Realtor.