Kakaako condominium sales surged 62 percent in January to 42 sales from 26 last year, according to a January local market update by the Honolulu Board of Realtors.
The median sales price in this area jumped 56 percent in January to $613,500 from $392,500 last year.
New listings in Kakaako increased 44 percent to 75 listings from 52 last year, though inventory of homes for sale dropped 1 percent to 228 from 231. Days on market dropped 9 percent to 29 days from 32 last year.
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For single family homes, Ewa Plain, which includes Ewa Beach and Kapolei, saw the most notable market activity, with sales jumping 46 percent to 57 from 39, with the median price increasing 2 percent to $631,000 from $620,000 during the same month last year. Houses were on the market for a median of 19 days, up from 12 days for the same period last year.
Inventory of single-family homes for sale in the area declined 3 percent to 133 from 137, while new listings dropped 10 percent to 74 from 82.
“The beginning of the year is historically the slowest time for home sales, but last month there were a few areas that bucked that trend,” said Sue Ann Lee, president of the Honolulu Board of Realtors. “We’re also encouraged by the increased inventory and new listings of condominiums in urban Honolulu, which we anticipated, as units are now becoming available for resale for the first time. Potential first-time homebuyers can still find affordable units in Makiki or Moiliili, where the median condo price is below the island-wide median.”
Kaneohe neighborhoods were also popular in January, with single-family home sales increasing 27 percent to 14 closed sales, from 11 during January last year, while median prices jumped 24 percent to $945,000 from $760,000. New listings increased 45 percent to 32 from 22 while inventory dipped 5 percent to 60.
Reprinted from Pacific Business News, February 21, 2016.