Oahu Median Home Price up 11.8% in September 2012

September was once again a strong month for residential real estate sales on Oahu. Sales stats were strong across the board with the exception of condo sales down just 3.8% from last year. Since condo sales we were up 21% in August, I knew it would be difficult to be up that much a 2nd consecutive month.

This home near Mililani (MLS# 1208986) is listed just above September’s median of $637,000

The median home price was up 11.8% to $637,000. Sales volume for single family homes was also up a healthy 7% with 304 sales on the island. This was the highest number of resales in a single month since December of 2010. The two figures that really stood out to me compared to a year ago are:

1. Pending Home Sales are up 36% compared to the same month last year.
2. Months of Remaining Inventory has dropped 44.1% from 5.9 months to 3.3 months. Anything less than 6 months is a Seller’s market.

Condos on the other hand were up just slightly by 0.9%.

This Atkinson Towers Condo (MLS# 1209672) is just under September’s median price of $319,500

Although the median price was just barely up, the condo market followed homes with major changes in pending sales and inventory:

1. Pending condo sales were up 33.8% from a year ago
2. Months of remaining inventory also dropped significantly by 34.5%. We’re now down to just 3.6 months of inventory for condos.

While these are all signs of a strong seller’s market, 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.

Here’s a recap of September real estate trends on Oahu:

Neighborhoods “Hot” for Sellers

• Home sales in Wahiawa were up 300%
• Home prices on the Windward Coast were up 93%
• Condo sales on the Ewa Plain were up 53%
• Condo prices in Kailua–Waimanalo were up 43%

Neighborhoods “Hot” for Buyers

• Home sales on the North Shore were down 33%
• Home prices on the North Shore were down 23%
• Condo sales on the North Shore were down 50%
• Condo prices in Kapahulu–Diamond Head were down 70%