Below is the sales activity for the month of January 2016 compared to the same month last year. This covers resale homes for Honolulu County (Oahu) and does not include new construction homes.
With the new federal guidelines for lenders, we are seeing some home purchases taking closer to 60 days with
some lenders, instead of the previous norm of about 45 days.
Single Family Home sales volume and prices are up from the same time last year. Many homes are stillgetting multiple offers, due to extremely low inventory levels in some parts of the island.
Condos and townhouses are seeing increases in the sales volume, while prices have flattened out. Inventory levels are very low in parts of the island. We are seeing increases in prices and multiple offers in those communities. One of our listings in Mililani received 11 offers with just one short noticed open house.
On Oahu, there is still an overall shortage of housing units. Parts of the island, like the planned communities are still seeing heavy competition for entry level homes and are seeing price increases in those price ranges. Parts of the inventory are seeing less sales, mostly in the higher price ranges.
Single Family Home Resales
| Month | # Sales | Median Price | Avg. Price |
| Jan 2016 | 232 | $733,500 | $839,976 |
| Jan 2015 | 210 | $675,000 | $799,448 |
Condos/ Townhouse Resales
| Month | # Sales | Median Price | Avg. Price |
| Jan 2016 | 338 | $374,500 | $420,376 |
| Jan 2015 | 286 | $381,500 | $462,993 |
*Median price means half the prices were above and half below the given price. Data was taken from the Honolulu Board of REALTORS® MLS system. It is deemed to be accurate, but not guaranteed.
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