Oahu’s median sales price for homes jumped 8.6% in January to $618,900, which is the highest we’ve seen since September of 2010. Meanwhile, sales volume was down 12.1% from last year and its lowest since February of 2010, indicating signs of less inventory = higher prices.
On the condo front, the median price was also up 4.8% to $305,000 and sales volume was up just slightly at 1.9%. After 4 months of pending sales dropping in volume, they picked up significantly in January as I think both Realtors and Buyers are coming through on their New Year’s resolutions.
Months of remaining inventory is the lowest we’ve seen for both homes (5.2 months) and condos (4.7 months) in the last several years. The National Association of Realtors says anything less than 6 months is a “seller’s market,” so, it appears it may be an opportune time if you’re considering selling.
Here’s a recap of January real estate trends on Oahu:
*There were no sales in either of these neighborhoods in January
As always, all real estate is local. To find out what is happening in your neighborhood, feel free to contact me to see what is going on in your market, and if now is the time to buy or sell.
As 2011 is officially in our rear view mirror, here are the 3 highest sales for Condos in Honolulu last year:
Although 2011 saw 4 condo sales on Oahu at $4.5 million and higher, none were as high as 2010's sale of Nauru Tower PH4303 in 2010. It will be interesting to see what 2012 has in store...
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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 There are many homes that do not sell and are either withdrawn from the market and/or re-listed at a later date.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?
What neighborhoods were ‘hot’ for buyers in July?
**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.
Resales of single family homes and condos on Oahu continued April's downward trend of fewer transactions in the marketplace.
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?
What neighborhoods were great for buyers in May?
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.
The "Buck" Stops Here for All Your Real Estate Needs! David E. Buck (RA) at your service! Your local source for information, satisfying his buyers and sellers needs! Servicing all of Oahu, Hawaii.
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