Oahu Home Sales and Prices Up in February (2012) While Condos Were Down

Oahu Home Sales and Prices

February was a strong month for the single family home market on Oahu. Prices were up 9.6% to $625,000, while sales were up 19% to 217 island wide.

This Mililani home (MLS# 1115056) is priced at February’s median price of $625,000

Sales of homes (that sold) moved briskly with an average of just 34 days on market! Keep in mind, there are many, many homes that have not sold. Those that are withdrawn and expired aren’t factored in to these stats. It does go to show that we have a healthy market here. Homes that are priced well aren’t on the market much more than a month.

Oahu Condo Sales and Prices

Condo inventory was moving fairly quick as well with an average of 40 days on market. Condo prices, however, were down slightly from last year by 1.6% to $315,000 and the number that sold dropped by 23.1% to 227 sales.

This Ilikai Condo (MLS# 1112757) is priced at February’s median price of $315,000

Here’s a recap of February real estate trends on Oahu:

Neighborhoods “Hot” for Sellers

• Home sales in Makiki-Moiliili were up 200%
• Home prices in Wahiawa were up 53%*
• Condo sales in Kailua–Waimanalo were up 167%
• Condo prices on the North Shore were up 30%

Neighborhoods “Hot” for Buyers

• Home sales in Wahiawa were down 86%*
• Home prices in Waialae–Kahala were down 32%
• Condo sales in Wahiawa were down 75%
• Condo prices in Downtown–Nuuanu were down 41%

*There was only 1 sale in Wahiawa in February, which most likely skewed the data

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.