As housing prices rise on Oahu, would-be homebuyers warm to condos
OAHU (HawaiiNewsNow) - As housing prices continue to soar, would-be homebuyers on Oahu are turning to a more affordable alternative: Condos.
Condo sales increased 6.4 percent in February, compared to the same month last year, according to the Honolulu Board of Realtors.
Meanwhile, the median price for a condo on Oahu hit $409,000 in February. That's up from $385,000 a year ago.
The median price for a single-family home on Oahu was $772,500, up from $755,000 in February 2017.
While prices continue to rise, sales of single-family homes decreased slightly in February compared to a year ago. Some 221 homes were sold on Oahu last month, down from 217 in February 2017.
"The slower pace of sales and modest increase in median prices for both housing categories is typical this time of year, as February has traditionally been the slowest month,' said Darryl Macha, president of the Honolulu Board of Realtors, in a news release.
"While pending sales were slightly down from last year, it's encouraging to see that new listings increased, especially the 18 percent gain in the condominium market," Macha said. "We expect to see a slow increase in sales starting in March through the peak, usually in July and August."
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