O‘ahu Single-Family Home Prices Hit a Record High
It’s another month of soaring home prices in Honolulu.
Home prices on O‘ahu are poised to finish 2015 at a record high.
The median year-to-date price of O‘ahu single-family homes has hit $700,000 for the first time ever, ahead of the annual record of $675,000 set in 2014, according to the latest statistics released by Monday by the Honolulu Board of Realtors.
November’s monthly median price was $715,900, which marked the third straight month that prices broke the $700,000 mark, but it was off from the $719,500 in November 2014.
“Home sales in November 2015 tracked closely with last year’s figure, which was a landmark month for the industry,” says Jack Legal, president of the board.
The monthly prices dipped slightly in November despite sales increasing. There were 246 single-family homes sold last month, up 9.3 percent from the 225 homes that sold a year ago, according to the board.
Honolulu condo prices, meanwhile, rose 1.3 percent to a median of $347,500, compared to $343,000 a year ago.
For the year, the median condo price was at $360,000, up 2.9 percent from the first 11 months of 2014. The annual record for condos is $350,000, set last year.
The highest years for O‘ahu single-family home prices:
$675,000 – 2014
$650,000 – 2013
$643,500 – 2007
$630,000 – 2006
$624,000 – 2008
$620,000 – 2012
The highest years for O‘ahu condo prices:
$350,000 – 2014
$332,000 – 2013
$325,000 – 2008, 2007
$317,500 – 2012
$310,000 – 2006
Source: The Honolulu Board of Realtors
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