Hawaii Life Real Estate Brokers » Kapahulu

Oahu Home and Condo Sales Statistics For October (2011)

David E. Buck, R, BIC — Wed, 23 Nov 2011 00:13:26 +0000

After two months of increased sales volume on Oahu, single family home sales dropped by 9% in October. Meanwhile, condo sales were up 0.6%. The median sales price of a single family home on Oahu was down 2.3% from last year and the median condo price was up 1.7% to $305,000. Unfortunately, both are down from September’s median prices.

This home in Wailuna (MLS# 1109197) is listed for October’s median sales price of $579,000

The reason for the drop in single family sales is twofold. First, we are in what is traditionally a slower season, and second, there is less and less single family inventory. New single family listings were down 11.9%, which is the 7th out of 10 months this year where we have less inventory coming on market than the previous year.

This Salt Lake condo (MLS# 1113516) is listed for October’s median sales price of $305,000

Concern with Days on Market?

The days on market (DOM) for homes and condos (that have sold) jumped dramatically, up 28.6% for homes and up 18.8% for condos. Should we be concerned? My answer is “not yet.” The DOM for homes are now at 45 days, while condos are at 38 days. This is still a healthy market for sellers. Anything under 60 days is considered a “seller’s market” according to the National Association of Realtors. Although less inventory, it is taking longer for things to sell. This is a stat we will continue to monitor.

Homes that are selling are continuing to get great prices! Single family homes got 94.8% of asking price and condos that sold got 94.7% of asking price. The saying holds true that “well priced properties do sell.”

What neighborhoods were ‘hot’ for sellers in October?

Home sales in Kapahulu-Diamond Head were up 122%
Home prices in Waialae-Kahala were up 33.1%
Condo sales in Kalihi-Palama, Kapahulu-Diamond Head and the North Shore were each up 100%
Condo prices on the North Shore were up 165.7%

What neighborhoods were ‘hot’ for buyers in October?

Home sales in Hawaii Kai were down 52.4%
Home prices in Aina Haina-Kuliouou were down 60.6%
Condo sales in Wahiawa and the Windward Coast were each down 100%
Condo prices in Wahiawa and the Windward Coast were each down 100%

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. Have a Happy Thanksgiving!

Oahu Home and Condo Sales Remained Hot in September

David E. Buck, R, BIC — Mon, 31 Oct 2011 01:16:17 +0000

After 5 months of downward sales of homes and condos on Oahu, the market finally started to heat up in August. September remained hot as year-over-year sales were up 4% for homes and 19% for condos! That’s the good news for buyers, sellers, and Realtors alike—deals are getting done. The bad news is prices were down by 8.1% for homes and 4.1% for condos.

This Waikele home (MLS# 1110700) is listed for the same amount as September’s median sales price

The median sales price for a single family home on Oahu in September was $570,000. Meanwhile, the median price for a condo was $316,500. Although that was down from last year, it was up from August’s price of $300,000.

If there’s something that can be said about the mood of the market lately, it’s that we are now getting short on inventory. New listings were down 13.9% for homes and 6.5% for condos compared to last year. I’ve also noticed this trend on a personal level, as I’ve sold many of my listings and I’m looking for more product to sell.

This Waikele condo (MLS# 1112258) is priced just over September’s median price

The average days on market (DOM) for homes to sell in September was 31 and 39 DOM for condos. In theory, this is a seller’s market!. Although prices aren’t as high as they were in the peak of the market, low inventory, low DOM, and low interest rates have all created the perfect storm for strong September sales on Oahu.

What neighborhoods were ‘hot’ for sellers in September?

Home sales in Kapahulu-Diamond Head were up 86.7%
Home prices in Wahiawa were up 63%
Condo sales on the North Shore were up 500%
Condo prices in Kapahulu-Diamond Head were up 317%

What neighborhoods were ‘hot’ for buyers in September?

Home sales Aina Haina-Kuliouou were down 44.4%
Home prices in Moanalua-Salt Lake were down 29.4%
Condo sales in Downtown-Nuuanu were down 48.6%
Condo prices in Ala Moana to Kakaako were down 47.5%

Check back soon, as October’s stats should be released in about a week and a half. Aloha!

Oahu June Sales Not as ‘Hot’ as Summers Past

David E. Buck, R, BIC — Tue, 26 Jul 2011 00:00:51 +0000

The Oahu residential market continues on May’s downward trend of home sales.

This Makakilo home (MLS# 1108234) is just above June’s median price of $562,500

Resales of single family homes on Oahu were down 15.9% and condos down 19.9% when compared to June of 2010. These were the largest monthly drops for year-over-year stats since October of last year. The median sale price of single family homes was down 3.4% to $562,500 while condos were up 0.3% to $301,000.

Not all is doom and gloom however…as I hinted in my last article, pending sales (properties with accepted offers on them) in June also increased significantly as they are up 37.5% for homes and 24.6% for condos. It looks like there’s been a delay in summer home sales heating up, which is looking like we’ll have a strong July when next month’s stats are released…

As always, all real estate is local. To find out whatâ€™s happening in your neighborhood, contact one of ourÂ great Realtors on Oahu to see whatâ€™s going on in your market, and if now is the time to buy or sell.

What neighborhoods were ‘hot’ for sellers in June?

Home sales on Moanalua-Salt Lake were up 200%
Home prices in Aina Haina-Kuliouou were up 71.8%
Condo sales in Kapahulu-Diamond Head were up 40%
Condo prices in Waialae-Kahala were up 384.6%*

What neighborhoods were ‘hot’ for buyers in June?

Home sales in Waialae-Kahala were down 54.5%
Home pricesÂ in Waialae-Kahala were down 16.7%
Condo sales in Waialae-Kahala were down 60%*
Condo prices in Kalihi-Palama were down 41.3%

*There were only 2 condo sales in the Waialae-Kahala area, one of which was a Regency at Kahala that sold for $1.5 Million which skewed the data, in my opinion.

January Home Sales on Oahu up 33%

David E. Buck, R, BIC — Sat, 06 Feb 2010 01:52:49 +0000

There was a recent article in the Pacific Business News titled 2010 Oahu home sales off to fast start that talked about how we’ve been on a roll here on Oahu with home sales up every month since January 0f 2009! Year over year home sales were up 33% with 166 sales and condo sales up 43% with 227 sales! This momentum has definitely carried on from November and December of 2009. What was interesting to see was the median price of a single family home was up 11% from last year, while the median sales price Oahu condos was down 2%.Â While the numbers were great, real estate is always local…

WhereÂ Â was up?

Diamond Head/Kapahulu had the highest appreciation at 73.3 % year over year
Windward Coast with sale up 250% year over year

Where was down?

Wahiawa experienced the highest depreciation with prices down 32.8% year over year
Makaha/Nanakuli had the largest drop in number of sales down 61.5% year over year