The Honolulu Advertiser (specifically Staff Writer Andrew Gomes) reported this past week that the median price of O’ahu single-family homes sold during the third quarter was up 2.3 percent over the same quarter last year, though median prices in six of 12 regions on the island were lower, according to a quarterly report from the Honolulu Board of Realtors.
Higher median prices in Diamond Head, Hawai’i Kai, Central O’ahu, the Leeward Coast, Waipahu and Pearl City helped boost O’ahu’s overall median sale price to $649,900 in the quarter, up from $635,000 a year earlier.
Median prices were lower for metro O’ahu, Kailua, Kane’ohe, the ‘Ewa Plain, the North Shore and Makakilo.
Condominiums sold for a median $330,000 in the third quarter, up 4.8 percent from $315,000 in the 2006 third quarter, the report said.
Median condo prices were up in five of 12 regions — Kailua, Kane’ohe, Makakilo, Pearl City and the Island’s biggest condo market, metro O’ahu. Regions with lower median prices were Diamond Head, Hawai’i Kai, the North Shore, Central O’ahu, the Leeward Coast, the ‘Ewa Plain and Waipahu.
The median is a point where half the sales were for more and half for less. Generally, median prices are affected by changes in property value as well as any significant shift in the volume of homes sold in different regions and neighborhoods.
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