The residential resale market on Oahu was on fire last month with home sales up 21.7% and condo sales up 21.8%, respectively.
Infographic of March (2016) Sales on Oahu Courtesy of the Honolulu Board of Realtors
Single Family Home Stats
In March of last year, there were 244 homes that sold on the island. This year there was 297, which represents a 21.7% increase! Our market is really showing some resiliency. Although sales are up, prices aren’t shooting to the moon. There’s no doubt buyers are paying more than this time last year, however, the increase was only 3.6% to finish up at $725,000.
This Ocean Pointe home (MLS# 201606550) is listed at March’s median price of $725,000
There’s also been less triggering on the higher end of the market, which can be reflected in that our average sales price actually dropped 8.9% from last year. My suspicion is one of the contributing factors was seeing less foreign investment with the stronger U.S. Dollar. It’s been a healthy market nonetheless for sellers as the median days on market was still just 18 days!
Condo Sales Stats
The condo market was even more on fire with sales up 21.8% and 491 closings compared to only 403 last year. The increase in price on the other hand was only up 1.3% from 2015 to a median of $385,000.
Highlands at Waikele Condo (MLS# 201605766) listed for March’s median price of $385,000
The condo market wasn’t affected as much on the high end as the average sales price was only off 1% from last year. Similar to homes though, they sure weren’t lasting long with the median days on market at only 19 days.
Seller’s Market – Months of Remaining Inventory
According to the National Association of Realtors, anything less than 6 months of remaining inventory is considered a “Seller’s Market.” March was the lowest number we’ve seen in years with just 2.1 months for homes and 2.3 months for condos. Although prices aren’t up drastically from last year, homes (and condos) are selling really fast! If you’re thinking about selling, feel free to contact me about our Smart Marketing and Solid Representation.
As always, all real estate is local. Here are the neighborhoods on Oahu that were hot for sellers and buyers in March:
Neighborhoods “Hot” for Sellers
- Home sales in Kalihi-Palama were up 175%
- Home prices on the North Shore were up 47%
- Condo sales on the North Shore were up 600%
- Condo prices in Ala Moana–Kakaako were up 37%
Neighborhoods “Hot” for Buyers
- Home sales in Moanalua–Salt Lake were down 67%
- Home prices on the Waialae–Kahala were down 27%
- Condo sales in Wahiawa were down 33%
- Condo prices in Waialae–Kahala were down 18%
What’s Happening in Your Neighborhood?
Please consider these are broad overviews for regions on Oahu. To find out what is happening in your specific neighborhood (or street for that matter), feel free to contact me for more information.