Although we’ve just about rounded up March, I still wanted to report February’s sales stats on Oahu. March Madness is not only a term for college basketball, it was also our real estate market this month. With the velocity of Buyers and Sellers striking deals in the marketplace, it’s been a healthy market to say the least. I’m personally on track to close more transactions by the end of next month than I did in all of 2013!
Single-Family Home Stats
Ewa Gentry home (MLS# 201403598) listed for February’s median price of $679,000
The median sales price in February was $679,000, which was up 13.2% from February 2013. Those homes that were selling were moving very briskly with just 24 Days on Market average. Homeowners were also getting 97.1% of asking price and months of remaining inventory was still relatively low at 2.6 months. All of these signs are still showing signs of a Seller’s market as a whole.
Waikiki condo (MLS# 201400695) priced near February’s median of $359,450
February’s median sales price for condos was up 5.7% to $359,450. Average Days on Market to sell jumped above the 30 days for the first time in awhile. However, at 34 days it’s still quite a bit under the National Association of Realtor’s definition of a Seller’s market of 60 days. Another case in point of a Seller’s market is owners were getting 99.9% of asking price and months of remaining inventory was only 2.9 months.
As always, all real estate is local. Here are the neighborhoods on Oahu that were hot for Sellers and Buyers in February:
Neighborhoods “Hot” for Sellers
- Home sales in Downtown–Nuuanu were up 200%
- Home prices in Hawaii Kai were up 135%*
- Condo sales on the North Shore were up 200%
- Condo prices in Waialae–Kahala were up 75%
Neighborhoods “Hot” for Buyers
- Home sales in Hawaii Kai were down 55%*
- Home prices in Makiki–Moiliili were down 32%
- Condo sales in Kapahulu–Diamond Head were down 70%
- Condo prices in Downtown-Nuuanu were down 21%
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.
*Hawaii Kai showed up as strong for both Sellers in Buyers as there were less sales that took place in higher priced neighborhoods such as the ridges and the Portlock area.