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Condo Sales Roar in October 2016


The Honolulu Board of REALTORS® recently released their October 2016 housing statistics. To no surprise, the median price for single-family homes and condos increased from the same time last year.

During October 2016, the number of sales increased 7% from the same time last year.

Interestingly, condo sales decreased 5.7% from October 2016 to October 2015. Despite a decrease in the number of sales, condo prices rose 7%.

I jumped on the MLS and did a quick search of October 2016 condo sales. The search criteria was:

- Condos sold between October 1, 2016 to October 31, 2016.

- Property type was, "Condo/townhouse."

- Style was, "High-Rise 7+ Stories," "Low-Rise 6 or Less Stories," and "Townhouse."

- Land tenure was, "Fee Simple."

- There had to be a minimum of 1 parking stall.

Based on this criteria, there were 363 matches. Here's what I found:

(1) The cheapest condo sold was a studio unit at Makaha Surfside. The sales price was $82,500.

(2) The most expensive condo sold was a 2-bed unit at Hokua.

(3) Comparing Sold Price to Original Listing Price, the average was 98.21%. Is this a sign that we are still in a Sellers Market?

(4) Surprisingly, the neighborhood with the most sales was not Kaka'ako or Makiki. It was actually Waikiki.

  • 43 Waikiki condos sold

  • Waikiki Banyan had the most sales (5 units).

With the year winding down, it'll be interesting to see where our housing market goes. Will prices cool during the Winter Break?

- RO

#ryanoda #realestate #hawaiirealestate #condos

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Ryan Oda (RB-23073) is a Real Estate Advisor with Forward Realty (RB-19423) in Honolulu, HI.