When you look at the November Honolulu Board of Realtors statistics at a glance, it appears our market is relatively flat.
This Aiea Heights home (MLS# 1114521) is priced at November’s median sale price of $580,000
Home sales were up 1.2% from last year and condo sales were up 5.4%. The median price of homes was up 1% to $580,000 and the median condo price was down 5.4% to $295,000. That is where most publications stop. If you look closer at the numbers, Oahu is now becoming a seller’s market. If you own a home or condo on Oahu, now may be the time to consider selling.
Here is why:
- New Listing Inventory for homes are down 14%
- New Listing Inventory for condos are down 10.3%
- Pending Home Sales were up 20% in November
- Pending Condo Sales were up 18.3% in November
- Average Days on Market for Home Sales dropped 12.5% to 35 Days
- Average Days on Market for Condo Sales dropped 7.8% to 42 Days
These three factors of decreasing inventory, more sales, and shorter time to sell are all great signs if you’re considering putting your property on the market.
This Honolulu condo (MLS# 1110651) is available for November’s median price of $295,000
What neighborhoods were ‘hot’ for sellers in November?
- Home sales in Moanalua-Salt Lake were up 1,200%! (13 sales compared to just 1 last year)
- Home prices in Aina Haina-Kuliouou were up 32.3%
- Condo sales in Kailua–Waimanalo were up 125%
- Condo prices in Waialae–Kahala were up 80.5%
What neighborhoods were ‘hot’ for buyers in November?
- Home sales in Kalihi-Palama were down 42.9%
- Home prices on the Windward Coast were down 34.4%
- Condo sales in Wahiawa were down 100%
- Condo prices in Wahiawa were 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. Merry Christmas!