The Honolulu Board of Realtors released the residential resale statistics for July 2017.
Single Family Homes median price is $750,000, a 0.5% increase over last July. Condos median price reaches $425,000, a 6.3% increase and a new record high. The median days on market is up 25% to 20 days for SFH and down 22.2% to 14 days for Condos.
There were 335 SFH sales in June, up 4% from last year and 475 Condo sales is an increase of 7%. The months of remaining inventory is 2.5 months for SFH and 2.7 months for Condos.
The market continues to show signs of tight inventory and increasing demand for homes. The new record median price for condominiums/townhouses is expected as buyers shift their their housing requirements to fit with their budgets. Pending sales are up 34.3% for single family homes and up 25.4% for condos.
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