March Real Estate Prices Down on Oahu

You know the saying that goes “all is relative?” Relative to 2010, Oahu condo and home sales are in a slump. Existing home sales were down 2.4% and condo sales down 8.1%. The median sales price for homes were down 8.6% to $548,500 and condos were the glimmer of light up 1.6% to $315,000. That’s the bad news.

The good news is relative to other parts of the country, our market is still “relatively” healthy. The average days on market for a home to sell in March was 41 for homes and 46 for condos. In addition, one strong sign for our economy is that Honolulu’s unemployment rate is relatively low at 8th lowest in the nation.

This Makakilo home (MLS# 1100044) is asking $500 more than March’s median price of $548,500

What neighborhoods were hot in March?

• Home sales on the Makakilo were up 125%
• Home prices in Aina Haina–Kuliouou were up 35%
• Condo sales in Makakilo were up 175%
• Condo prices on the North Shore were up 66.3%

What neighborhoods were not hot in March?

• Home sales in Hawaii Kai were down 55% *
• Home prices on the Windward Coast were down 33.4% *
• Condo sales in Aina Haina–Kuliouou were down 50%
• Condo prices on the Windward Coast were down 39.8%

As always, all real estate is local. To find out what’s happening in your neighborhood, contact one of our great Realtors on Oahu to see what’s going on in the market, and if now is the time to buy or sell.

* Ala Moana-Kaakako actually had the largest drop in home sales and prices, however, the data is skewed with only one sale due to very little homes in that neighborhood (primarily all condo product).