In February, there were 279 condos that sold on Oahu, which was up a staggering 22% from last year. The median sales price also jumped 7.9% to $340,000.
I can’t say I’m surprised after witnessing building after building on Oahu with either very limited or no inventory. The good news for Buyers is word got out about this inventory shortage and we’ve seen new listings start to increase with 534 new listings in January and 509 new listings in February. These were the highest months since may of last year and up significantly since December’s new inventory of 321 new condo listings. It’s still quite good for Sellers too as the median time it’s taking condos to sell was 34 days on market last month.
Home sales weren’t quite as strong in February with sales down 7.4% from last year and the median price dropped slightly by 4% to 600,000. With only 201 sales, it was the lowest number we’ve had since January of last year. On a positive note for Sellers, the average days on market for Single Family Homes was only 24 days, which was even less than condos.
Remaining Oahu Real Estate Inventory Favors Sellers
Months of remaining inventory on Oahu is the lowest we’ve seen in a very long time. With only 2.6 months for condos and 2.3 months for homes, these indicators are weighing very favorably for Sellers. According to the National Association of Realtors, anything less than 6 months is considered a Seller’s market. My guess is this constraint on inventory will continue to apply upward pressure on prices as demand outweighs supply.
While these are all signs of a strong seller’s market, 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.
Here’s a recap of February real estate trends on Oahu:
Neighborhoods “Hot” for Sellers
- Home sales in Wahiawa were up 400%
- Home prices in Makiki–Moiliili were up 132%
- Condo sales in Makakilo were up 133%
- Condo prices in Downtown–Nuuanu were up 83%