Last month we had another double digit gain with condo sales on Oahu up 21.8% over last year. The median sales price was also up 5% to $315,000.
This Kukui Plaza condo (MLS# 201326976) is listed for May’s median price of $315,000
Oahu Condo Statistics
Last year in May, there were 1,784 active condo listings on the market. This year, there were 1,448 listings which is an 18% reduction in supply. At the same time, there’s not as much hitting the market. Last year we had 519 new listings hit the market, whereas this year we’re just up slightly to 542 new ones this past month. Pending sales are also up showing a strong sign of momentum this summer as we had 515 last year and we’re up to 612 this year.
Developers are Definitely Taking Notice
There’s a healthy amount of absorption in the current market. I’m not surprised to see the number of new construction projects hitting the market here in Honolulu. With the likes of One Ala Moana Tower, Ritz Carlton Waikiki, Symphony and Howard Hughes’ upcoming vision ForWard, timing seems to be perfect.
In 3 of the last 4 months here on Oahu, months of remaining inventory was at just 2.6 months, the lowest we’ve seen in many years. According to the National Association of Realtors, anything under 6 months is a seller’s market. We’ve actually been under that 6 month barrier since August of 2011. In addition, the median amount of time it’s taking condos to sell is just 27 days.
Latitudes Home by Ewa Gentry (MLS# 1305916) is offered for $630,000 – May’s median price
Oahu Single Family Home Statistics
Home sales were also strong in May with 9.5% more transactions taking place than the previous year. The median sales price, however, was down 5.1% to $630,000. Although prices were slightly off, there was also a fair amount of absorption as homes were taking only 25 days to sell based on the median number.
The months of remaining inventory was actually lower than condos at just 2.5 months. The big difference I noticed between home and condo sales was that although pending condo sales were up over 18% from last year, pending home sales were up just barely by 0.2%.
Hawaii Life Oahu Office Closings Up Over 200% from Last Year
Although resales on Oahu were not as strong as last month, May was still pretty strong with the uptick in condo and home sales increasing by 21.8 and 9.5%. Similar to the last several months where we’ve more than doubled our transaction volume, our Oahu office was on fire with 225% more transactions closed than last year.
As always, all real estate trends are local. Here are the neighborhoods on Oahu that were hot for Sellers and Buyers in May:
Neighborhoods “Hot” for Sellers
- Home sales in Hawaii Kai and Wahiawa were up 100%
- Home prices in Makiki–Moiliili were up 27%
- Condo sales in Makaha–Nanakuli were up 233%
- Condo prices in Moanalua–Salt Lake were up 30%
Neighborhoods “Hot” for Buyers
- Home sales on the Windward Coast were down 57%
- Home prices in Hawaii Kai were down 47%
- Condo sales on the Kalihi-Palama were down 75%
- Condo prices in Ala Moana–Kakaako were down 35%
Please consider these are broad overviews for regions on Oahu. For instance, you’ll notice Hawaii Kai was listed in being both good for Buyers and Sellers. The reason why is there are over a dozen MLS neighborhoods in Hawaii Kai.
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.