September Housing Stats on Oahu: Has the Market Leveled Off?

Following the (slight) dip we had on Oahu in August, September appears to be another month of the market leveling off.

Single Family Home Stats

September witnessed another month where the median sales price fell short of June’s record of $700,000. With a slight bump of .5% from last year, September’s median price was $678,500.

Kapolei home (MLS# 201417452) listed just over September’s median of $678,500

While the median price barely inched up, sales volume was up a healthy 5% from last year with 318 single family home transactions taking place. Our market still remains strong for Sellers with just a median Days of Market of only 19 days for homes to sell. On a positive note for Buyers, we have a 4.6% increase in inventory from the same month last year.

Condo Stats

On the condo front, the stats were less impressive with both the median sales price and transaction volume taking a slight dip from last year’s banner numbers.

Ala Moana Hotel Condo (MLS# 201416592) listed under September’s median of $347,000

September’s median sales price dropped .3% from last year to $347,000 and the number of transactions was down 1.4% from last year’s 415 transactions. Similar to the single family home front, it’s still a Seller’s market in that the median Days on Market stands at just 23 Days. In addition, it’s also trending more towards a Buyer’s market with a 10.8% increase in inventory from the same month last year.

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

Neighborhoods “Hot” for Sellers

• Home sales on the North Shore were up 113%
• Home prices on the North Shore were up 43%
• Condo sales in Wahiawa were up 400%
• Condo prices in Ala Moana–Kakaako were up 65%

Neighborhoods “Hot” for Buyers

• Home sales in Aina Haina–Kuliouou were down 18%
• Home prices in Kailua–Waimanalo were down 5%
• Condo sales in Mililani were down 66%
• Condo prices in Waialae–Kahala were down 74%

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.