After two months of increased sales volume on Oahu, single family home sales dropped by 9% in October. Meanwhile, condo sales were up 0.6%. The median sales price of a single family home on Oahu was down 2.3% from last year and the median condo price was up 1.7% to $305,000. Unfortunately, both are down from September’s median prices.
This home in Wailuna (MLS# 1109197) is listed for October’s median sales price of $579,000
The reason for the drop in single family sales is twofold. First, we are in what is traditionally a slower season, and second, there is less and less single family inventory. New single family listings were down 11.9%, which is the 7th out of 10 months this year where we have less inventory coming on market than the previous year.
This Salt Lake condo (MLS# 1113516) is listed for October’s median sales price of $305,000
Concern with Days on Market?
The days on market (DOM) for homes and condos (that have sold) jumped dramatically, up 28.6% for homes and up 18.8% for condos. Should we be concerned? My answer is “not yet.” The DOM for homes are now at 45 days, while condos are at 38 days. This is still a healthy market for sellers. Anything under 60 days is considered a “seller’s market” according to the National Association of Realtors. Although less inventory, it is taking longer for things to sell. This is a stat we will continue to monitor.
Homes that are selling are continuing to get great prices! Single family homes got 94.8% of asking price and condos that sold got 94.7% of asking price. The saying holds true that “well priced properties do sell.”
What neighborhoods were ‘hot’ for sellers in October?
- Home sales in Kapahulu-Diamond Head were up 122%
- Home prices in Waialae–Kahala were up 33.1%
- Condo sales in Kalihi-Palama, Kapahulu-Diamond Head and the North Shore were each up 100%
- Condo prices on the North Shore were up 165.7%
What neighborhoods were ‘hot’ for buyers in October?
- Home sales in Hawaii Kai were down 52.4%
- Home prices in Aina Haina-Kuliouou were down 60.6%
- Condo sales in Wahiawa and the Windward Coast were each down 100%
- Condo prices in Wahiawa and the Windward Coast were each down 100%
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. Have a Happy Thanksgiving!