Oahu Housing Market Sales & Prices Continue to Rise
Again in March, for the third month in a row, the median price for a single-family home on Oahu set a new record! The median price for single-family homes on Oahu was $950,000 which represents a 17.3% year-over-year increase. This was also 3.5% higher than February’s record of $917,500. Meanwhile, the median price for Condos increased by 3.7% up to $451,000.
The number of closed sales in both categories (single-family & condos) increased for March as compared to the previous year. In the Single-family category, there were 361 closed sales, which was an increase of 19.1%. In the Condo/Town-home market, there were 626 closed sales, which was an increase of 52.7% year-over-year!
During March of this year, homes did not stay on the market for any length of time. The average days on market for single-family homes was just 9 days and this was 6 days less than in the same period last year, representing a reduction of 40% in the time on market. Condos/Town-homes, in a similar manner, were on the market for an average of 14 days which was 9 days less than last year, which equaled out a reduction of 39.1%.
