HAWAI'I LIFEMore Oahu Homes Selling in Less Time in June
The first half of 2010 on Oahu has been a “healthy” market to say the least.
Last month I wrote about how more homes were selling faster at higher prices in May of 2010. June continued the trend of increased volume and less days on market, however prices were somewhat flat.
Sales Volume was up 8.4% for Homes and 38% for Condos!
Homes that Sold on Oahu averaged only 32 Days on Market, while Condos averaged 31 Days. This is phenominal when you compare to the rest of the United States!
Prices were relatively flat with Median Sales Prices up .9% for Homes and down 3.2% for Condos
What does this all mean? Buyers are realizing that the market may be bottoming out here after several years and realizing some great opportunities. Interest rates are low and this is a great time for buyers to lock into something long term. This is also a great opportunity for sellers that have considered selling. These rates won’t be around forever and if you’ve considered selling in the last two years, now is the best time in my opinion. Some homes that weren’t able to sell a year or two ago are now selling!
What areas were hot in June?
- Wahiawa had the largest increase in the number of sales. Up 200% from 2009!
- Downtown to Nuuanu had the largest appreciation. Median Sales Price was up 60.3% from $549,000 to $880,000!
What areas were not?
- Moanalua to Salt Lake was down 75% in the number of sales.
- The Windward Coast had the largest hit in prices. Median Sales Price was down 59.6% from $1,012,500 to $409,500.
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David,
“Some homes that weren’t able to sell a year or two ago are now selling!”
I’m beginning to see a similar trend here in Northern NV. Albeit, only for starter homes that seem to fit the “positive cashflow” mold. People seem to be snapping up homes that they deem more stable whatever happens to the market. Calculated risk. I think that’s smart.
I’m really happy for the Hawaii real estate market that it’s getting better.
Looking at the graphs above, you may may be headed for better times. Perhaps a strong local economy?
Thanks for the very informative post, David.
-Joe
Thanks for the comment Joe. As an active real estate investor here, I’ve typically found it hard to get positive cashflow here (with a low down). I think almost just about any property can “cashflow” with a large enough down. The good news is that with today’s interest rates, the numbers are starting to look very good. I think we’re at a “tipping point” in that there’s opportunities for both buyers & sellers in this market.