Oahu Home Buyers in Love with Low Interest Rates: Sales Surged 19.4% in February
February was a strong month for residential resales on Oahu. Buyers saw their Valentine’s love of home ownership come to fruition with low interest rates.
Resales and median prices were up on both homes and condos in February
Single Family Home Stats
Although February’s median sale price of $700,000 was off from January’s record high of $733,500, it was still an increase of 8% from February of 2015, rounding out at an even $700,000.
This home in Mililani (MLS# 201604495) is listed at February’s median of $700,000
What is more impressive was the actual volume as resales surged nearly 20%. There were 240 single family home sales island wide, which was a 19.4% increase from the same month in 2015. As you can see from the info-graphic earlier, the bulk of that volume took place in the $400-499k price range. As we all know, you can’t find a home in Honolulu in that price range, so most of those sale took place in Ewa or the Leeward side Oahu. Those sales kept the median hovering at $700k, however, the actual average sales price on Oahu was $830,331.
Homes moved briskly with a median 23 days on market and months of remaining inventory was only 2.7 months. Both of these are signs of a Seller’s Market according to the National Association of Realtors. Although the more affordable homes moved quickly, there was less movement in homes $1.4 million and higher. This is a trend we’ve noticed over the course of the last 6 months to a year, with less international money coming into town with the stronger U.S. Dollar.
Condo Sales Stats
The most impressive stat I saw on the condo front was the median sales price rounding up at $378,444, which was a 16.1% increase from the same month last year.
This Ala Moana Condo (MLS# 201603492) is priced just over February’s median of $378,444
Resales were also up double digits (11.7%) with 324 transactions on the books. They also moved quickly with just 23 Days on Market like the single family homes. There was also only 2.9 months of remaining inventory, also indicating a Seller’s Market. The bulk of those sales took place in the $300-399k price range.
As always, all real estate is local. Here are the neighborhoods on Oahu that were hot for Sellers and Buyers in February:
Neighborhoods “Hot” for Sellers
- Home sales in Wahiawa were up 900%
- Home prices in Wahiawa were up 147%
- Condo sales in Kailua-Waimanalo were up 100%
- Condo prices in Kapahulu–Diamond Head were up 83%
Neighborhoods “Hot” for Buyers
- Home sales in Kapahulu–Diamond Head were down 50%
- Home prices on the North Shore were down 25%
- Condo sales on the North Shore, Wahiawa and the Windward Coast were down 50%
- Condo prices in Kailua-Waimanalo were down 23%
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.