After 5 months of downward sales of homes and condos on Oahu, the market finally started to heat up in August. September remained hot as year-over-year sales were up 4% for homes and 19% for condos! That’s the good news for buyers, sellers, and Realtors alike—deals are getting done. The bad news is prices were down by 8.1% for homes and 4.1% for condos.
This Waikele home (MLS# 1110700) is listed for the same amount as September’s median sales price
The median sales price for a single family home on Oahu in September was $570,000. Meanwhile, the median price for a condo was $316,500. Although that was down from last year, it was up from August’s price of $300,000.
If there’s something that can be said about the mood of the market lately, it’s that we are now getting short on inventory. New listings were down 13.9% for homes and 6.5% for condos compared to last year. I’ve also noticed this trend on a personal level, as I’ve sold many of my listings and I’m looking for more product to sell.
This Waikele condo (MLS# 1112258) is priced just over September’s median price
The average days on market (DOM) for homes to sell in September was 31 and 39 DOM for condos. In theory, this is a seller’s market!. Although prices aren’t as high as they were in the peak of the market, low inventory, low DOM, and low interest rates have all created the perfect storm for strong September sales on Oahu.
What neighborhoods were ‘hot’ for sellers in September?
- Home sales in Kapahulu-Diamond Head were up 86.7%
- Home prices in Wahiawa were up 63%
- Condo sales on the North Shore were up 500%
- Condo prices in Kapahulu-Diamond Head were up 317%
What neighborhoods were ‘hot’ for buyers in September?
- Home sales Aina Haina-Kuliouou were down 44.4%
- Home prices in Moanalua-Salt Lake were down 29.4%
- Condo sales in Downtown-Nuuanu were down 48.6%
- Condo prices in Ala Moana to Kakaako were down 47.5%
As always, all real estate is local. To find out what is happening in your neighborhood, contact one of our great Realtors on Oahu to see what is going on in your market, and if now is the time to buy or sell.
Check back soon, as October’s stats should be released in about a week and a half. Aloha!