Oahu Real Estate Data - June 2014

During June, the median price paid for single-family homes increased 3.4 percent from the same month last year to $700,000. The median price for condominiums increased 9.1 percent from last year to $360,000. The previous high median sales price for single-family homes was $685,000 in December 2013, while the previous high for condominiums was $359,000 in February 2014. Sales of single-family homes decreased by 1.6 percent, while condominium sales increased by 4.8 percent from June 2013. According to the Days on Market indicator, single-family homes were on the market for an average of only 19 days, while condominiums were on the market for an average of 25 days. 
“June was a remarkable month, both single family homes and condominiums shattered the previous records for median sales price,” said Julie Meier, president of the Honolulu Board of REALTORS®. “This shows the very strong demand we’re currently seeing for housing. That demand, coupled with low inventory, is what’s causing the continued growth in median sales prices. We do see inventory rising, but not enough to offset the demand, especially for single-family homes.”