A year ago I wrote about how it was a Seller’s market for single family homes on Oahu. Fast forward a year and it’s a great market for Sellers of both homes and condos. Like any real estate cycle on Oahu, when buyers start to get priced out of homes, the condo market picks up. The heat wave of Buyers kicked off the summer with some great statistics.
This Makakilo home (MLS# 1303588) is priced just under June’s median sales price
Oahu Single Family Home Statistics
Home prices were up 9.2% from a year ago, putting the median price at $677,250. This is the highest we’ve seen in many years. In addition, sales volume was up 10.4% from last year with 308 closed sales. Homes are continuing to sell briskly with just 20 days on market! With a recent uptick in interest rates, it will be interesting to see how this holds up.
A sign of what’s happening in the near future are pending sales. Although still really strong, pending sales for homes is the lowest we’ve seen in 4 months, which could be an indication that buyers are getting priced out of the market due to inventory, slightly higher rates, or both. Regardless, it’s still a strong market for home sellers.
Oahu Condo Statistics
Condo stats were even stronger with the median price up 11.1% from last year to $330,000 and sales volume was up 14.6% with 392 units closing. Buyers were snapping them up just as fast as homes with the median days on market also only 20 days!
Contrary to the single family home buyers, the outlook for condo sales is slightly stronger as pending sales were up again and have trended up every month since February. The strongest of any stat I saw was that condo sales last month got 100% of their asking price on average. We all know that some sold for less, so it appears the bidding wars and over asking sales are balancing out those that did.
Hawaii Life Oahu Office Closings Up Over 165% From Last Year
In summary, June was a strong month with the uptick in home and condo sales increasing by 10.4 and 14.6%. Similar to the last several months where we’ve more than doubled our transaction volume, our Oahu office was on fire with 165% more transactions closed than last year.
As always, all real estate trends are local. Here are the neighborhoods on Oahu that were hot for Sellers and Buyers in June:
Neighborhoods “Hot” for Sellers
- Home sales in Aina Haina–Kuliouou were up 175%
- Home prices on the Windward Coast were up 90%
- Condo sales in Waialae–Kahala were up 150%
- Condo prices in Makaha–Nanakuli were up 70%
Neighborhoods “Hot” for Buyers
- Home sales in Kapahulu–Diamond Head were down 52%
- Home prices in Kaneohe were down 29%
- Condo sales in Kailua–Waimanalo were down 78%
- Condo prices in Waialae-Kahala were down 53%
Please consider these are broad overviews for regions on Oahu. For instance, you’ll notice Waialae-Kahala was listed in being both good for Buyers and Sellers. The reason why is there was a leasehold sale last year that threw off prices.
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.