Oahu Median Home Price Up 5.6% in July

The residential resale market on Oahu witnessed continued strength last month as both sales volume and median sales prices were up for single family homes and condos.

Single Family Home Stats

The median sales price of a single family home was up 5.6% to $683,500 from July of 2013. Although a nice gain, it fell short of June’s record of $700,000.

Waipio Gentry Home

Waipio Gentry home (MLS# 201408958) priced just under July’s median of $683,500

In addition to the year over year price gains, sales volume was also up 3.4% with 300 single family home transactions taking place. The highest we’ve seen in recent years was 366 sales in August of last year, so it’ll be interesting to see what this month bares once it’s in the history books.

There are now 3 months of remaining inventory, which is still indicative of a Seller’s Market. However, it is a bump up from our low of 2.3 months in February of last year. Please keep in mind, anything less than 6 months is considered a Seller’s Market according to the National Association of Realtors.

Condo Stats

The median sales price for condos also increased from last year by 1.8% to $351,750. This was also less than June’s, which came in at $360,000.

Ewa Beach Condo

Ewa Beach Condo (MLS# 201416860) priced just under July’s median of $351,750

Condo sales volume also increased by 4.2% with 444 sales reported in the MLS last month. It also followed trend with the single family product in having only 3.4 months of remaining inventory, and median days on market stood at just 23 days. Both are indicators of a Seller’s Market.

A Seller’s Market?

If you’ve been reading these articles of mine over the past year or two, you’ll notice a common theme of it being a Seller’s Market. Don’t worry, all is not doom and gloom for Buyers in today’s market. Although there are still bidding wars taking place and prices on the rise, interest rates are still really low and there are still some markets (whether it be neighborhoods for homes or buildings for condos) on island where prices today are still less than they were 7-9 years ago at the peak of the market.

As always, all real estate is local. Here are the neighborhoods on Oahu that were hot for Sellers and Buyers in July:

Neighborhoods “Hot” for Sellers

Neighborhoods “Hot” for Buyers

What’s Happening in Your Neighborhood?

Please consider these are broad overviews for regions on Oahu. To find out what is happening in your specific neighborhood, feel free to contact me for more information.

*Last month in Moanalua-Salt Lake there were only 2 Sales for a median of $1,125,000 compared to the previous year of 7 sales with a median of $748,000.

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