Oahu Home Prices Continue to Rise

Hawaii houses and condos stay on market a bit longer.

Home prices are edging higher on Oahu but inventory appears to be loosening up slightly, a small sign of relief for beat-down buyers competing in a strong seller’s market.

The median price of a single-family house was $683,500 in July, up 5.6 percent from the same month last year. Condominiums, meanwhile, rose 1.8 percent to $351,750, according to monthly housing statistics released Thursday by the Honolulu Board of Realtors.

This is coming off a record-breaking June where prices soared to a median sales price of $700,000 for single-family homes and $360,000 for condos.

“July was another strong month for sales of single-family homes and condominiums,” Julie Meier, president of the Honolulu Board of Realtors, said in a statement. “Median sales prices for homes and condos did not quite reach record highs, but still showed healthy gains year-over-year.”

For the year, houses are up 7.6 percent year-to-date over the first seven months of last year, while condos have risen 6.1 percent.

If prices continue their upward trend, more homeowners may be tempted to cash in.

Meyer noted that the average days on market was up a bit in July, which indicates inventory is increasing. Houses stayed on the market last month for an average of just 20 days while condos sold in about 23 days, which are extremely fast. However, that’s three days longer than a year ago.

There were 1,254 houses and 1,812 condo active listings in July compared to 1,105 and 1,554, respectively, in the same month last year.

“This is great news for the market, where demand continues to outpace supply,” Meier said. “Overall, sales are right in line with what we expected for this time of year, and are indicative of a very healthy housing market.”