Honolulu Market Report for June 2016
Honolulu’s condo sub-market has seen an almost 20% jump in the median sales price during the past year. Inventory levels have also fallen over the same period. The median sales price for a single-family home is now over three-quarters of a million dollars, and while this sub-market is strong in most metrics, the number of closed sales remained the same during the past year. This is a seller’s market, with low inventory, high percentage of original list price numbers and relatively low numbers of new listings.
The number of new listings in June were 4.1% higher than those in June 2015 while there was no change in the number of closings during the same period. In June, the median number of days on market fell 22.2% to 14 compared to 18 days in June 2015. The median sales price was $760,000 in June, 8.6% higher than June 2015’s $700,000 but sellers are not getting as much of the listing price. In June 2015, sellers received 100.1% of the original listing price, June 2016, sellers received 98.4%, falling 1.7%.
New listings fell 3.6% between June 2015 and June 2016 while the number of closings rose 9.6% during the same period. The median number of days on market fell 9.1% between June 2015 and June 2016, going from 22 days to 20 days. Median sales price jumped 19.8% from June 2015’s $338,500 to June 2015’s $405,500 but sellers received less of the listing price during the same period, getting 97.6% in June compared to getting 100.6% in June 2015.
Honolulu Board of REALTORs. Monthly Housing Statistics June 2016
Written by: Ari Meier