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Oahu Home Prices Spike 15.2% in August

Oahu’s housing market suggests that the pendulum is beginning to swing back in favor of sellers.

The median price of Kahala homes were up 45.2%! 4585 Kahala Ave. (MLS# 1006428) is listed for$19.8 Million

Rising prices, a shrinking inventory of unsold homes, and sellers receiving multiple offers in some areas of Oahu all point to a recovery in the market this year.

The Honolulu Board of Realtors recently reported  that there was a change of +15.2% in the medium-priced home on Oahu from August 2009 to August 2010, and a change of +6.0 % in the medium price  for condos for the same one-year period!

The inventory of un-sold single family homes on Oahu fell to 1,526 in August, down from 1,850 in August 2009. At the current pace of sales, it would take 6.5 months to liquidate the inventory of unsold homes, down from 9.1 months in August 2009. Anything under six months indicates we’re in a sellers’ market.

Another indicator that the market is beginning to swing in the sellers’ favor is that homes are selling closer to the asking price than they were a year ago. According to the Board of Realtors, sellers received 94.8% of their asking price in August, up from 93.6% a year earlier.

The number of pending sales soared to 360 in August, up 45 percent from 248 a year earlier!

Another factor that bodes well for home sales going forward is that interest rates are at historic lows! The average rate for a 30-year fixed loan was 4.32 percent last week in August. Last year at this time, the 30-year mortgage averaged 5.08 percent!

What areas were hot in August?

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