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Oahu’s Housing Market Took a (Slight) Dip in August

It’s been a few years now that I’ve been reporting on great news on the housing market on Oahu. This past month, we witnessed a slight bump in the road.

Single Family Home Stats

After a record high median sales price of $700,000 in June, the median price for August was down to $650,000. In addition to being down $50,000 from two months prior, it’s 2.3% lower than August of 2013.

North Shore home for $650,000

North Shore home (MLS# 210415407) listed for August’s median of $650,000

In addition to the prices being down, the sales volume was down as well by 11.7% with just 323 single family homes trading hands on Oahu last month. Is this a sign of the market slowing, a sign of low inventory, or both? Part of the reason in my opinion is the word is getting out that it’s a Seller’s Market and Sellers are starting to ask just about anything. Even with that in mind, the housing market is still strong with these additional indicators:

  • Although August sales volume was off from 2013, it’s still the highest number we’ve seen since a year ago
  • Median Days on Market was down to just 15 Days – the lowest we’ve seen in recent years
  • There are only 3 months of remaining inventory on Oahu
  • Sellers of single family homes on Oahu got 98.6% of their asking price last month

Condo Stats

The condo market also hit a slight bump in the road as well. The median sales price was flat at $350,000, the same figure we saw a year ago. Volume was also off by 3.5% with 444 closed sales last month.

Kukui Plaza condo

Kukui Plaza condo (MLS# 201417780) in Downtown Honolulu priced at $350,000

While everyone knows there’s a ton of new condos in Honolulu under construction, it still remains a Seller’s Market for condos despite the “dip” for several reasons as well:

  • 444 condo sales is the same number we had in July, 2014
  • Median Days on Market are still just at 29 Days
  • There are only 3.3 months of remaining inventory
  • Sellers received 100% of their asking price on average – the highest we’ve seen since November, 2013

 
As always, all real estate is local. Here are the neighborhoods on Oahu that were hot for Sellers and Buyers in August:

Neighborhoods “Hot” for Sellers

Neighborhoods “Hot” for Buyers

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.

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