Oahu Home and Condo Prices Rise, Sales Fall

The number of sales for Oahu homes fell last month and prices edged higher as inventory remained tight.

Sales of single-family homes dropped 11.8 percent last month compared to April 2013, while condo sales dipped by 2.6 percent, according to the latest statistics from the Honolulu Board of Realtors released Wednesday.

There were 247 homes and 445 condos sold during in April, compared with 280 homes and 457 in the same month a year ago.

Prices, meanwhile, maintained an upward pace. The median price paid for single-family homes in April increased by 3.7 percent to $648,000.  The median price for condominiums increased by 6 percent from March of last year to $355,000. 

Homes and condos are staying on the market for an average of 21 days, making it competitive for buyers and favorable for sellers.

“Despite the drop in the number of home sales in April, we’re still very optimistic about the direction of the housing market,” said Julie Meier, president of the Honolulu Board of Realtors, in a statement. She pointed to last Friday’s Realtor Housing Forum, which noted that the supply of homes and condos on Oahu is constrained, “so we don’t believe the downturn in sales is due to lack of demand.  The low (number of) days on market is a positive indicator that buyer demand is strong.  Also it’s important to note that prices for both homes and condos rose from the previous year, which means the market is stable.”