August 2017 Honolulu Housing Market Stats
Honolulu’s housing market continues being dominated by its condo submarket with a 19.5% jump in the number of closings, a jump of 11.2% in the number of new listings. The most recent housing starts report from the National Association of Home Builders show a 36% increase in year-to-date single-family starts. This compares to an 87% decline in the number of multifamily housing starts during the same period. This is indicative of the market desiring homeownership amid a low inventory environment.
The number of closings rose 5.2% between August 2016 and August 2017, going from a respective 344 to 362, while the median sales price increased 5.2% during the same period, $747,500 and $786,250 respectively. The median days on market didn’t change (16 days), while the number of new listings increased 6.8% between August 2016’s 428 listings to August 2017’s 457 listings. Sellers in August 2017 received 99.1% of the original listing price, down 0.7% from the 99.8% sellers received in August 2016.
There were 575 condo closings in August 2017 compared to 481 in August 2016; a 19.5% increase. The median sales price of a condo increased 5.3% between August 2016 and August 2017, going from a respective $398,000 to $419,000. The median days on market jumped 20%, going from 15 days in August 2016 to 18 days this past August. The number of new listings rose 11.2% between August 2016 and August 2017. A respective 617 to 686. Sellers saw 98.3% of the original listing price received this past August, up 0.7% from August 2016’s 97.6%.
Honolulu Board of REALTORs. Monthly Housing Statistics August 2017