Oahu Home Sales Down in October While Prices Stable

Perhaps I got ahead of myself when I said, “don’t be scared of Oahu’s home sales” last month.

Adam Sandler on Saturday Night Live singing his Thanksgiving song

We are thankful this Thanksgiving for stable home prices on Oahu.

In October, sales of single family homes were down 16.9%, and condo sales were down 21.3% from the previous year. That’s the “scary” news. What isn’t so scary, is prices are stable with the median sales price down just 1.4% to $595,750 for single family homes, and condo prices remained unchanged with a $300,000 median price. On a positive note, here are two strong indicating factors that should boost November sales:

1. Pending sales for homes are up 28.5%, however, condos down 6.9%
2. Days on market for homes to sell are down 32.7% from 52 to 35 days, and condos down 37% from 54 to 34 days!

What does this mean? Although the numbers of sales were down, they are not only trending back up, they are also selling faster! This time of year is typically a slow season, however, it’s shaping up to be a busy season for home buying. With historically low interest rates, buyers are realizing some great opportunities.

Here’s what was “hot” on Oahu in October:

• Homes Sales: Windward Coast was up 100%
• Home Prices: Waialae–Kahala was up 40%
• Condo Sales: Kalihi was up 50%
• Condo Prices: Waialae-Kahala was up 105.6%

Here’s what was “not” on Oahu in October:

• Home Sales: Waialae-Kahala was down 73.3%
• Home Prices: North Shore home prices down 24.9%
• Condo Sales: Kapahulu-Diamond Head and Waialae-Kahala were both down 50%
• Condo Prices: Makaha–Nanakuli was down 34%

Did you notice something strange? How could Waialae-Kahala be both “hot” and “not”? Although prices were strong, there were very little sales. As sales volume typically leads prices in a real estate cycle, the Windward Coast and Kalihi may be some areas to keep an eye on.

If you’re thinking about buying, or selling real estate on Oahu, contact one of us today!