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 whatâ€™s happening in your neighborhood, contact one of ourÂ great Realtors on Oahu to see whatâ€™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 pricesÂ 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.