HOME SALES ON OAHU SEE HEALTHY RISE IN MAY
Sales of single-family homes rose by 14.7 percent in May 2014, while condominium sales rose by 1.1 percent from May 2013. The median price paid for single-family homes in May increased by 8.3 percent from the same month last year to $682,000. The median price for condominiums increased by 12.7 percent from May of last year to $355,000. According to the Days on Market indicator, single-family homes were on the market for an average of 20 days, while condominiums were on the market for an average of 21 days.
“These robust numbers point to a very active market,” said Julie Meier, president of the Honolulu Board of REALTORS®. “Even though inventory has been increasing, it’s been outpaced by demand. People are snapping up properties as soon as they hit the market creating more demand and competition among buyers, which in turn raises prices. With median prices at a near all-time high and strong demand, we may see more homeowners putting their properties on the market.”