The residential resale market on Oahu witnessed continued strength last month as both sales volume and median sales prices were up for single family homes and condos.
Single Family Home Stats
Waipio Gentry home (MLS# 201408958) priced just under July’s median of $683,500
In addition to the year over year price gains, sales volume was also up 3.4% with 300 single family home transactions taking place. The highest we’ve seen in recent years was 366 sales in August of last year, so it’ll be interesting to see what this month bares once it’s in the history books.
There are now 3 months of remaining inventory, which is still indicative of a Seller’s Market. However, it is a bump up from our low of 2.3 months in February of last year. Please keep in mind, anything less than 6 months is considered a Seller’s Market according to the National Association of Realtors.
The median sales price for condos also increased from last year by 1.8% to $351,750. This was also less than June’s, which came in at $360,000.
Ewa Beach Condo (MLS# 201416860) priced just under July’s median of $351,750
Condo sales volume also increased by 4.2% with 444 sales reported in the MLS last month. It also followed trend with the single family product in having only 3.4 months of remaining inventory, and median days on market stood at just 23 days. Both are indicators of a Seller’s Market.
A Seller’s Market?
If you’ve been reading these articles of mine over the past year or two, you’ll notice a common theme of it being a Seller’s Market. Don’t worry, all is not doom and gloom for Buyers in today’s market. Although there are still bidding wars taking place and prices on the rise, interest rates are still really low and there are still some markets (whether it be neighborhoods for homes or buildings for condos) on island where prices today are still less than they were 7-9 years ago at the peak of the market.
As always, all real estate is local. Here are the neighborhoods on Oahu that were hot for Sellers and Buyers in July:
Neighborhoods “Hot” for Sellers
- Home sales in Aina Haina–Kuliouou were up 160%
- Home prices in Moanalua–Salt Lake were up 50%*
- Condo sales in Wahiawa were up 400%
- Condo prices in Kailua-Waimanalo were up 52%
Neighborhoods “Hot” for Buyers
- Home sales in Moanalua-Salt Lake were down 71%*
- Home prices in Makiki–Moiliili were down 30%
- Condo sales in Makakilo were down 29%
- Condo prices in Ala Moana–Kakaako and Downtown–Nuuanu were down 21%
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, feel free to contact me for more information.
*Last month in Moanalua-Salt Lake there were only 2 Sales for a median of $1,125,000 compared to the previous year of 7 sales with a median of $748,000.