The Honolulu Market shows no signs of slowing, with condos and single family homes spending only 2 weeks on the market before selling at almost 100% of the listing price. An average 2.25 month absorption rate for single family homes and condos indicates extremely high demand for the approximately 3,000 homes currently on the market, and both average and median sales prices have increased since this time last year: 7% and 1% respectively for single family homes, and 4% and 9% for Honolulu condos. Have a look below for the most recent market figures from the MLS.
Last month the average sales price of homes in Honolulu saw a 7% increase for single family homes and a 4.2% increase for condos than the same time last year.
Last month the median sales price of homes in Honolulu saw a 1.1% increase for single family homes and an 8.8% increase for condos than the same time last year.
As of last month it would take 2.1 months to sell all single family homes and 2.6 months to sell all condos on the market in Honolulu.
The median days on market for single family homes is 14 and 16 days for condos in Honolulu.
Last month, 415 new single family homes came onto the market and 687 condos came onto the market in Honolulu.
As of last month, there were 1,119 single family homes on the market and 1,905 condos on the market in Honolulu.
At the close of last month there were 469 pending sales for single family homes and 708 for Honolulu condos.
There were 305 closed single family home sales in Honolulu last month, and 485 condo closings.
Single family homes last month sold for 97.4% of asking price and condos sold for 98.9% of asking price.