Oahu June Sales Not as 'Hot' as Summers Past

The Oahu residential market continues on May’s downward trend of home sales.

This Makakilo home (MLS# 1108234) is just above June’s median price of $562,500

Resales of single family homes on Oahu were down 15.9% and condos down 19.9% when compared to June of 2010. These were the largest monthly drops for year-over-year stats since October of last year. The median sale price of single family homes was down 3.4% to $562,500 while condos were up 0.3% to $301,000.

Not all is doom and gloom however…as I hinted in my last article, pending sales (properties with accepted offers on them) in June also increased significantly as they are up 37.5% for homes and 24.6% for condos. It looks like there’s been a delay in summer home sales heating up, which is looking like we’ll have a strong July when next month’s stats are released…

As always, all real estate is local. To find out what’s happening in your neighborhood, contact one of our great Realtors on Oahu to see what’s going on in your market, and if now is the time to buy or sell.

What neighborhoods were ‘hot’ for sellers in June?

• Home sales on Moanalua-Salt Lake were up 200%
• Home prices in Aina Haina–Kuliouou were up 71.8%
• Condo sales in Kapahulu-Diamond Head were up 40%
• Condo prices in Waialae–Kahala were up 384.6%*

What neighborhoods were ‘hot’ for buyers in June?

• Home sales in Waialae–Kahala were down 54.5%
• Home prices in Waialae–Kahala were down 16.7%
• Condo sales in Waialae–Kahala were down 60%*
• Condo prices in Kalihi-Palama were down 41.3%

*There were only 2 condo sales in the Waialae-Kahala area, one of which was a Regency at Kahala that sold for $1.5 Million which skewed the data, in my opinion.