Oahu Real Estate - Honolulu Condominiums
Overall Market Conditions for Oahu Condominiums
Oahu Condominium Sales Show An Increase in Price
The Oahu Real Estate market is on the rise. In the first Quarter of 2003, the median Hawaii condo sales price for a condominium in Honolulu was $165,000. That price is 3.8% increase from last quarter and a 19.6% improvement from last year. The first quarter median sales price in condos Waikiki was $171,300, up from $170,000 in the prior quarter and $146,500 a year ago.
Change in Number of Sales
The sales volume in the Oahu market continues to be very strong, maintaining it's upward trend through the first quarter. The Oahu real estate market began its assent in the third quarter of 1997, posting an impressive twenty-three-consecutive quarters of growth. In the first quarter of 2003, condominium sales grew a whopping 42.2% (versus Q1 2002). Much of the condominium sales growth may be attributed to investors returning to the housing market.
Change in Active Inventory of Oahu Condominiums
Year to year comparisons show the number of condominium listings in Oahu has increased 1.3%. Historically, though, the current inventory counts are still extremely low for Honolulu real estate.
Change in Days on Market
In the first quarter, condo sales speeds were significantly faster than at the same time one year earlier. It took 36 days to sell condominiums in Oahu and this is a decline of 11 days from the sales time of 47 days required in Q1 2002.
Source: Hicentral MLS, Ltd.