The housing market here on Oahu started off strong in 2014 with both home and condo sales volume up 8.4% last month when compared to January of 2013.
Single-Family Home Stats
In addition to the uptick in sale volume, the median sales price for a single-family home was up 5.8% to $629,500. They were also not sitting long with just 22 Days on Market average. As expected, inventory shot up in January as homeowners that didn’t want to stress about showing their home came on market last month. With 419 new listings, it’s a 74% increase over December’s bleak 241 homes that came online.
Ewa Gentry home (MLS# 201402033) priced just under January’s median sales price
Even with that influx of new listings, we’re still in a Seller’s Market with only 2.8 months of remaining inventory. There were also very few pending sales in January as less Buyers were out around the holiday. I expect that to change as lots of Buyers have now come out of hibernation. Perhaps they see a bargain that homes last month were selling on average for 98.5% of asking price (down from 100% the previous 2 months)?
The median sales price of condos on Oahu were up slightly as well to $320,000. They were even moving more swiftly than homes with just 21 Days on Market average.
This Waikiki condo (MLS# 201333860) is listed at January’s median sales price
A number of the other trends followed homes as inventory jumped, pending sales were down, and so was months of remaining inventory. The big difference I noticed was they were selling at a bargain (a little sarcasm here) of 95.8% of asking price, which was lower than the 100% seen in several months throughout 2013.
Find Out What’s Happening in Your Neighborhood
All in all, 2014 has started off as a healthy market across the island. As always, all real estate is local. To find out what is happening in your neighborhood, feel free to contact me. I’m here to help.