By Samantha Brooks
HNN Spring Intern
HONOLULU (HawaiiNewsNow) --
Thinking about buying a home or condo?
Well, you may need to reconsider that budget, based on the increase in median prices of both homes and condos in March — according to the Honolulu Board of Realtors.
The analysis shows that the median price paid for condominiums has reached a record high of $435,000 breaking the previous record of $430,000 that was set in January.
According to the Honolulu Board of Realtors, the median sales price for a single-family home increased to $760,000 in March. In March of last year the median was $752,000.
The median number of days on the market was 14 for single-family homes and 16 for condominiums. The analysis did not include the sale of new homes.
According to the board's president, March's data shows the impact of the resale of 20 luxury and multi-million dollar units. About half of March's sales were below the median price.
"The increase in median prices, even modest ones like we saw in March, reflects the continued limited inventory available in Honolulu," said Darryl Macha, President of the Honolulu Board of Realtors. "However, it's encouraging to see the 11 percent increase in active listings for condominiums, giving potential buyers more options in the market."