Oahu Market Update: Home and Condo Prices Surged in July (2012)

Single family home sales were up 5.6%  and prices were up 7.4% as the median sales price is now $635,000 on Oahu. In addition, homes that sold got 98.4% of asking price, which is the highest we’ve seen in years.

This Alewa Heights home (MLS# 1208603) is listed for July’s median price of $635,000

Well priced homes have been moving briskly as the median days on market to sale is now down to just 25 days. There was also less homes coming on market, with just 364. That is down over 15% or 431 new listings in June.

In any appreciating market, you typically see a lag in condo sales and prices compared to homes. Last month, the pendulum swung in favor of condos and sales were up 21.3% and prices were up 15.5% to $320,000.

This Puu Alii condo (MLS# 1208361) is priced just under July’s median of $320,000

The average days on market for condos that sold in July was 29, the lowest we’ve seen in years. In addition, other recent milestones are 521 pending sales and the ones selling are getting 97.4% of asking price.

As Ron Margolis said in his recent article on the Kauai real estate market, months of remaining inventory is major barometer of the market. Here on Oahu, months of remaining inventory are down to just 4.1 months for condos and 3.6 months for homes. According to the National Association of Realtors, anything less than 6 months is a seller’s market. We’re well into that seller’s market. If you’re thinking of selling, now could be the time…

Here’s a recap of July real estate trends on Oahu:

Neighborhoods “Hot” for Sellers

• Home sales in Kapahulu–Diamond Head were up 108%
• Home prices in Makaha–Nanakuli were up 40%
• Condo sales in Kapahulu-Diamond Head were up 250%
• Condo prices on the North Shore were up 194%

Neighborhoods “Hot” for Buyers

• Home sales in Makakilo were down 62%
• Home prices on the Windward Coast were down 77%*
• Condo sales in Waipahu were down 47%
• Condo prices in Waipahu were down 9%

* There was only 1 sale on the Windward Coast for $136,000 which really threw off the stats.

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.