During March 2016, sales of single-family homes increased by 21.7 percent from March 2015, while condominium sales increased by 21.8 percent compared to March 2015.
The median price paid for single-family homes in March 2016 increased by 3.6 percent from the same month last year to $725,000. The median price for condominiums increased by 1.3 percent from March 2015 to $385,000.
According to the Days on Market indicator, the median days on market for single-family homes and condominiums was 18 and 19, respectively.
"There’s been no letup in demand for housing on Oahu, as March’s statistics clearly demonstrate" said Kalama Kim, 2016 president of the Honolulu Board of REALTORS®.
Sales of single-family homes and condos showed huge growth compared to the same month in 2015, and the days on market for both types of housing were very low, indicating high demand and quick sales. As a result, we’re seeing housing inventory shrinking fast, with the current number of single-family homes at 844 – a level not seen since April of 2005. The historical low is 784, recorded in April 2004. It appears housing inventory for single family homes is approaching critical levels.
That said, homebuyers should keep in mind that there are still homes available at different price points. For instance, 135 single-family homes sold for under $700,000. More than half of the condos sold were for $400,000 or less. Still, the lack of inventory is a reminder of the need for more housing to meet the continued strong demand.
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