July Homes Sales and Prices Down on Oahu

Although sales of single family homes on Oahu in July were down 7% from 2010, Realtors on Oahu closed as many transactions as June with 251 sales. Prices were also down 2.2% from last year. On a brighter note, they took a tick up from June’s median price of $575,000. It also took homes that sell* an average of 34 days on market.

*Homes that don’t sell aren’t factored into the 34 days on market stats. There are many homes that do not sell and are either withdrawn from the market and/or re-listed at a later date. If you attempted to sell your property without success and it is no longer on the market, feel free to contact me for more information about our smart marketing and solid representation.

The condo market on Oahu also followed the single family trend as sales were down 8.3% and the median sales price was also down 7.7% from last year to $277,000. This is the lowest median price for condos this whole year! This may be a sign of a buyer’s market brewing for condos…

What neighborhoods were ‘hot’ for sellers in July?

• Home sales in Moanalua-Salt Lake were up 150%
• Home prices in Moanalua-Salt Lake were up 79.3%
• Condo sales on the north shore were up 50%
• Condo prices on the north shore were up 15.3%

What neighborhoods were ‘hot’ for buyers in July?

• Home sales in Kaneohe were down 51.7%
• Home prices in Makaha-Nanakuli were down 25.8%
• Condo sales in Aina Haina-Kuliouou, Wahiawa and the Windward Coast were down 100%**
• Condo prices in Aina Haina-Kuliouou, Wahiawa, and the Windward Coast were down 100%**

**There were no sales in either of these 3 neighborhoods. This is also the most neighborhoods I’ve seen without any sales in a very long time.

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.