O‘ahu Home Prices Fall After Record Run
Island home prices dip in February as inventory grows.
Home prices on O‘ahu dipped in February, following a rapid run to record highs in the previous months.
The median price for a single-family home on the Island declined 4.6 percent to $648,000 last month from the February 2014 price tag of $679,000, according to the latest statistics from the Honolulu Board of Realtors.
Condo prices, meanwhile, fell 9.3 percent from $359,450 to $326,000. This drop comes off a 19.2 percent jump to a record $381,500 set in January.
“February is traditionally one of the slowest months of the year for real estate sales,” Jack Legal, president of the board, said in a statement.
Not only did median prices soften, inventory seems to be loosening up as more listings are coming online, which is welcome news for buyers who have been competing in a tight market.
Condo listings rose by 14 percent, while the single-family home listings increased 6.4 percent.
“With the increased inventory, as well as continued record low mortgage rates, we encourage potential homebuyers who have been on the fence to look at the various options now available,” Legal said.
Single-family homes are staying on market for a median of 25 days. Condos took a median 34 days to sell, up five days from a year ago.