Oahu Condo Sales Outpaced Homes in September

September was another strong month for condo sales on Oahu. The median price was up 8.9% to $348,000. Outside of August, this was the highest price we’ve seen in years.

In addition, sales volume was up 20.3% with 421 closed transactions. Resales in the single family home market weren’t quite as strong with a 0.3% drop in sales from last year. Prices did finish up 6%, however, to a median of $675,000.

This Wahiawa Heights home (MLS# 201332933) is listed for September’s median of $675,000

Oahu Home Statistics

Home prices here reached their 2nd highest level in recent years, just slightly under June’s median of $677,500. Since the volume is leveling out my suspicion is that buyers are getting priced out of the single family product and flocking to condos.

Homes are still moving briskly with just 18 days on market, however, there’s so many bidding wars going on that there’s not enough product to fill the void. Buyers looking to take advantage of lower interest rates and programs (such as USDA loans where geographic boundaries are changing) are either jumping in or stepping back to wait.

We also saw a dip in new product coming online. Pending sales were up slightly from the previous month, however, not nearly as strong as condos.

These were also “macro” view of the island. Here are the neighborhoods on Oahu that were hot for Sellers and Buyers in September:

Neighborhoods “Hot” for Sellers

• Home sales in both Downtown–Nuuanu and the Windward Coast were up 67%
• Home prices in Wahiawa were up 35%
• Condo sales on the North Shore were up 167%
• Condo prices in Kapahulu–Diamond Head were up 80%

Neighborhoods “Hot” for Buyers

• Home sales in Makaha–Nanakuli were down 55%
• Home prices in Moanalua–Salt Lake were down 17%
• Condo sales in Waialae–Kahala were down 38%
• Condo prices in Kalihi-Palama were down 18%

What’s Happening in Your Neighborhood?

Please consider these are broad overviews for regions on Oahu. To find out what is happening in your neighborhood, I’m here to help.