Home Inventory Loosens a Little in Honolulu

Honolulu November 2015 market stats image

 

The Honolulu housing market continues attracting potential home-buyers clamoring to get properties where high prices are getting higher and relatively low number of days on market are getting lower. A year ago, the average single-family sales price flirted close to a million dollars only to retreat to under $930K. Although inventory levels have opened up a little, this market will continue favoring the seller in both single-family and condo products.

 

Single-Family Homes

 

  • There were 246 closed sales in November 2015, a 9.3 percent jump from November 2014’s 225 closed sales. Year-to-date (YTD) 2015 was 3,158 compared to YTD 2014’s 3,001, a 5.2 percent increase.
  • Median sales price in November 2015 was $715,500, a 0.6 percent decrease from the $719,500 in November 2014. YTD median sales price for 2015 was $700,000, a 3.7 percent increase from YTD 2014’s $675,000.
  • Average sales price for November 2015 was $929,559, which fell 4.6 percent from November 2014’s average sales price of $974,012. YTD 2015’s average sales price was $875,543 compared to YTD 2014’s average of $846,342, a 3.5 percent increase.
  • The median days on market (MDOM) for November 2015 were 21, 22.2 percent lower than November 2014’s 27 MDOM. The YTD 2015 MDOM was 20, 4.8 percent lower than YTD 2014’s 21.
  • New listings increased 3.3 percent from November 2014 to November 2015, a respective 303 to 313 while new listings fell 0.6 percent from YTD 2014 (4,477) to YTD 2015 (4,452).
  • The amount of inventory in months was at 2.7 months in November 2015, a 3.8 percent jump from November 2014’s 2.6 months.
  • The percentage of original listing price received (POLPR) by sellers increased 2.4 percent in November 2015, to 99.8 percent from November 2014’s 97.5 percent. YTD 2015 POLPR was 98.6 percent compared to 98.5 percent in YTD 2014, decreasing by 0.1 percent.

 

Condos

 

  • Closed sales for November 2015 was 358, a 1.4 percent decrease from November 2014’s 363. YTD 2015 closed sales were 4,604, up 4.2 percent from YTD 2014’s 4,420.
  • Median sales price for November 2015 was $347,500 rising 1.3 percent from November 2014’s $343,000. YTD 2015 median sales price was $360,000 compared to the YTD 2014 median sales price of $350,000, a 2.9 percent increase.
  • Average sales price for November 2015 was $409,595, which increased 2.7 percent from November 2014’s average sales price of $398,935. YTD 2015’s average sales price was $415,341 compared to YTD 2014’s average of $417,633, a 0.5 percent decrease.
  • The MDOM for November 2015 were 22 days, falling 18.5 percent from November 2014’s 27 days. The YTD 2015 was 22, 8.3 percent lower than YTD 2014’s 24.
  • New listings increased 20.9 percent from November 2014 to November 2015, a respective 417 to 504 and increased 6.6 percent from YTD 2014 (6,247) to YTD 2015 (6,658).
  • The amount of inventory in months remained the same 3.0 months in November 2015, as it was in November 2014.
  • The POLPR increased 1.4 percent in November 2015, to 99.4 percent from November 2014’s 98.0 percent. YTD 2015 POLPR was 98.6 percent compared to 97.5 percent in YTD 2014, a 1.1 percent increase.

 

Source:

Honolulu Board of REALTORS. Monthly Housing Statistics November 2015

 

 

Written by: Ari Meier

 

 

 

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