Oahu home sales and prices were up double digits, while condo sales and prices were down single digits this past month. Home sales were strong with 279 closings, which was up 12.5% from last year.
Supporting my theory of a Seller’s Market, the median price was up 10.2% to $620,000 compared to June of 2011. Although not bad, the condo market wasn’t as rosy with 342 closings, which was down 3.4% from last year. In addition, the median price was down slightly by 1.3% to $297,000.
This Makakilo home (MLS# 1205807) is listed for last month’s median price of $620,000
Some other strong factors for single family home market here on Oahu are months of remaining inventory remains low at 3.9 months and homes that are selling are at a median of 35 days on market. Pending home sales are also the highest they’ve been in years with 436 pending sales. This is up significantly from 385 the previous month.
The good news for condo sellers is that the median days on market is down to only 30 days, which is actually taking less time to sell than homes, which was at 35 days last month. This is valuable information for buyers and sellers alike in that (well priced) homes and condos are selling fast.
This Waikiki condo (MLS# 1109749) is priced just under June’s median price of $297,000
Here’s a recap of June real estate trends on Oahu:
Neighborhoods “Hot” for Sellers
- Home sales in Makiki-Moiliili were up 167%
- Home prices in Waialae-Kahala were up 36%
- Condo sales in Makakilo were up 100%
- Condo prices on the North Shore were up 126%
Neighborhoods “Hot” for Buyers
- Home sales on the Windward Coast were down 60%
- Home prices in Aina Haina-Kuliouou were down 39%
- Condo sales in Kaneohe were down 50%
- Condo prices in Waialae Kahala were down 49%
As always, all real estate is local. To find out what is happening in your neighborhood, contact one of our great Realtors on Oahu to see what is going on in your market, and if now is the time to buy or sell.