Oahu Sales and Prices Down in May

Resales of single family homes and condos on Oahu continued April’s downward trend of fewer transactions in the marketplace.

This home (MLS# 1011829) on Oahu’s Windward Coast is listed for the median price of $595,000

The bad news first:

Single family home sales were down 15.3% and condo sales were down 10.3% in May. Median prices also stumbled from last year with home prices down 0.8% to $595,000 and condos down 4.9% to $290,000.

Now, the good news:

Although April and May’s figures were not as strong as last year, both outpaced 2009’s figures. In addition, we are on track for a strong healthy summer as pending home sales are up 22.2% for homes and up 44.3% for condos in May!

What neighborhoods were great for sellers in May?

• Home sales on Downtown-Nuuanu were up 33.3%
• Home prices in Aina Haina–Kuliouou were up 31.6%
• Condo sales in both Kailua–Waimanalo and Makaha–Nanakuli tied at 66.7%
• Condo prices in Ala Moana-Kakaako were up 43.6%

What neighborhoods were great for buyers in May?

• Home sales in Kaneohe were down 61.3%
• Home prices on the Windward Coast were down 21.4%
• Condo prices along the Windward Cost were down 52.7%
• Condo sales in Mililani were down 42.3%

As always, all real estate is local. To find out what’s happening in your neighborhood, contact one of our great Realtors on Oahu to see what’s going on in your market, and if now is the time to buy or sell.