Oahu Home Sale Prices & Volume Were Up in October

After experiencing a relatively flat housing market in September, Oahu saw a nice single digit bump in the median sales price and volume for both single family homes and condos.

Single Family Home Stats

The median sales price for a single family home on Oahu jumped 7.8% from October 2013. It was also the 2nd highest number we’ve seen this year behind June’s record of $700,000.

Ewa Villages home (MLS# 201417463) priced just under October’s median of $690,000

In addition to prices being up, sales volume was also up slightly by 2.8% with 298 closed transactions. Although still a Seller’s Market, there are a few positive notes for Buyers. First off, inventory is up 4.9% from October of 2013. Secondly, Buyers were able to negotiate a little more off asking price. In October of last year, Sellers got 100% of their asking price on average. Whereas this past month, Sellers got 97.6% of their asking price.

Condo Stats

Condos also noticed a nice single digit price increase of 8.5% to a median of $352,750.

Kuilima condo (MLS# 201420131) available just under October’s median price

Sales volume also increased by 6.9% with 448 condo deals closing last month. October also followed September’s trend in a large bump in inventory from the previous year. There were 1,825 condos for sale at the end of the month, which was a 10.1% increase. This is also a great opportunity for Buyers as Sellers got 96.6% of asking price on average (compared to 98.5% the previous year).

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

Neighborhoods “Hot” for Sellers

• Home sales in Makakilo were up 260%
• Home prices in Aina Haina–Kuliouou were up 158%
• Condo sales in Waialae–Kahala were up 300%
• Condo prices on the Windward Coast were up 83%

Neighborhoods “Hot” for Buyers

• Home sales on the North Shore were down 73%
• Home prices on the North Shore were down 21%
• Condo sales in Hawaii Kai were down 29%
• Condo prices in Waialae-Kahala were down 21%

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.