Annual median sales price for Oahu homes hit record-high in 2015 - Hawaii News Now - KGMB and KHNL

Annual median sales price for Oahu homes hit record-high in 2015

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HONOLULU (HawaiiNewsNow) -

Some 3,285 single-family home re-sales closed on Oahu in 2015, up 5 percent from the previous year.

That’s despite a hot housing market.

The annual median sales price for homes on Oahu hit $700,000 for the first time in 2015, up from $675,000 in 2014, according to new Honolulu Board of Realtors statistics.

The median is the middlemost price of all home sale prices.

The average sales price for homes on Oahu in 2015, meanwhile, was $875,373 (up 2 percent from the year before). The average is calculated by dividing the total for all sales by the total number of homes sold.

Meanwhile, the median number of days homes stayed on the market was 21 days in 2015, just one more day than in 2014.

In December alone, 297 home resales closed on Oahu, compared to 284 in December 2014.

Realtors also pointed out that the condominium is also strong: 424 condo resales closed in December, compared to 390 in December 2014.

The median sales price for condos in December was $386,250.

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