Oahu Home Prices Continue To Climb, Condos Hit Record High In February
The median price for condos reached a record $359,450 last month, up 5.7 percent from February 2013, and eclipsing the previous high of $350,000, according to the latest figures provided by the Honolulu Board of Realtors.
Meanwhile, the median price of a single-family home increased to $679,000 last month, up 13.2 percent from the $600,000 figure of a year ago.
“These are very good numbers for what is historically our slowest month of the year,” said Julie Meier, president of the Honolulu Board of Realtors in a statement.
However, sales of single-family homes fell by 5.5 percent, while condominium sales increased by 6.1 percent from February 2013. There were 190 existing homes and 296 condos sold last month, compared with 201 homes and 279 condos a year ago.
Meier said sales of single-family homes were down mainly due to a lack of inventory in the mid- and lower-price bands.
Inventory levels, while loosening up a little, is still very tight with less than three months of inventory. “Months of inventory” is a gauge that means it would take three months to sell all the listings currently on the market if no new inventory came on the market. A balanced market is considered five to seven months. Anything less is considered a seller’s market.