The Honolulu Board of Realtors has released the latest sales figures for homes on the Island of Oahu detailing the sales of Homes and Condos in February. There were 260 Single Family Homes sold, which was an increase of 5.3% over the the previous year. The sales of Condos / Townhomes increased by 41.1% over the previous year, with 446 sales.
The Median Price of Single Family homes set a new record in February, at $917,500. This was an increase of nearly 20% year over year and 3.9% higher than the previous month's record of $883,000.
We are still in a Seller's Market with many homes receiving multiple offers, many of which are above the asking price. In the Single Family Home market, 48.5% of the sales were closed at a price higher than the original asking price. Similarly, 29.1% of Condo Sales closed above the asking price. Homes were selling quickly with the average "Days on Market" being 9 days for Single Family Homes and 18 days for Condos.
It seems the challenge facing Realtors on the island right now, is finding a home for their Buyer clients to purchase. Inventory is tight.
