Last month, single-family homes and condos reached new record-high median prices for the second consecutive month at $1,050,000 and $500,000, respectively. The persistent competition in affordable price ranges and more closed sales at higher price points in both single-family home and condo markets are putting upwards pressure on median home prices.
The $1,050,000 single-family median sales price is 25.1% higher than a year ago and up 5.8% above last month’s record. This is the fourth consecutive month single-family homes have set a record median, and except for April, a new record has been set each month this year. Sales jumped 14.9% compared to last August. Sales of properties upwards of $1 million doubled last month, and year-to-date, sales priced at $2,000,000 and above more than tripled, with 297 sales compared to just 97 at the same time last year.
The condo market attracted buyers at all price points, with year-over-year sales rising 65% last month. Sales at higher price points also occurred in the condo market. Condo sales at $600,000 and up nearly tripled, and the $800,000 and above range saw four times the volume as last year, pulling the monthly median sales price up 16.3% over last August.
The statistics in both single-family and condo markets followed similar trends with more new listings, low median days on market and increased offers over asking. More single-family home and condo listings came on market, rising 18.9% and 3.6% compared to last year, respectively. Single-family homes sold in August spent a median of nine days on market, while condos spent a median of 12 days on market. The majority of sellers continue to receive a premium over their asking price. Last month, 64% of single-family homes sold above the original asking price, and 41% of condominium sales closed above the original asking price.
Courtesy of the Honolulu Board of Realtors