New data from the Honolulu Board of Realtors shows Honolulu’s housing market is still going strong, with higher prices and sales in May compared with the same time last year.
The median price of a home in Honolulu was $682,000 in May, up 8.3 percent from $630,000 in May 2013. Sales of single-family homes also rose by 14.7 percent.
The median price of a condo increased by 12.7 percent from $315,000 in May last year to $355,000. Condo sales rose slightly by 1.1 percent.
Single-family homes stayed on the market for about 20 days, compared with an average of 21 days for condos.
Julie Meier, president of the Honolulu Board of Realtors, said in a press release that the statistics underscore the city’s strong housing market.
“People are snapping up properties as soon as they hit the market creating more demand and competition among buyers, which in turn raises prices,” she said. “With median prices at a near all-time high and strong demand, we may see more homeowners putting their properties on the market.”
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