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?