The Honolulu Market remains hot, with condos and single family homes still spending an average of ~ 2 weeks on the market before selling at 99% of the listing price. Less than 3 months of an absorption rate for single family homes and condos indicates extremely high demand for the approximately 3,400 homes currently on the market, and both average and median sales prices have increased since this time last year: 10% and 5% respectively for single family homes, and 6% and 1% 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 10% increase for single family homes and a 6.1% increase for condos than the same time last year.
Last month the median sales price of homes in Honolulu saw a 5.3% increase for single family homes and a 1.1% increase for condos than the same time last year.
As of last month it would take 2.8 months to sell all single family homes and 2.9 months to sell all condos on the market in Honolulu.
The median days on market for single family homes is 13 and 18 days for condos in Honolulu.
Last month, 519 new single family homes came onto the market and 742 condos came onto the market in Honolulu.
As of last month, there were 1,382 single family homes on the market and 2,090 condos on the market in Honolulu.
At the close of last month there were 505 pending sales for single family homes and 711 for Honolulu condos.
There were 330 closed single family home sales in Honolulu last month, and 502 condo closings.
Single family homes last month sold for 98.8% of asking price and condos sold for 98.7% of asking price.
Please let me know if you would like to see, or are considering the sale of, any properties in this super hot market.