Condominium sales on Oahu jumped by more than 21 percent in July, according to the latest statistics by the Honolulu Board of Realtors.
There were 364 condo sales in July, 64 more than the same month last year. The median price of a condo was $320,000 last month, up 15.5 percent from July of 2011.
There were 265 single-family home sales in July, four more than the same month last year. The median single-family home price was $635,000 last month, up 7.4 percent from July of 2011.
According to the Days on Market indicator, sales for both single-family homes and condominiums were accepted at a faster pace last month compared to a year ago, with single-family properties listing for 25 days and condos listing for just 29 days.
"July was an exceptional month for the Honolulu housing market. We saw numbers rise for both single-family homes and condominiums," said Joe Paikai, president of the Honolulu Board of Realtors. "Condominium sales have been steady over the last few months, but in July we saw a huge leap.
Paikai continued, "Heading into the fall, the numbers are looking great -- from major increases in pending sales for both single-family homes and condominiums to a decrease in the median days on market."