Real Estate Prices Increase on Oahu in April with Fewer Transactions

The median sales price for both homes and condos last month were up again on Oahu. Meanwhile, fewer transactions took place.

Single-Family Home Stats

Built in 2003, this home is on the cul-de-sac perimeter lot.  Pa

Royal Kunia home (MLS# 201405666) listed just under April’s median of $648,000

Prices for single-family homes were up 3.7% from last year to a $648,000 median. Meanwhile, transaction volume was down 11.8% from a year ago with just 247 closings. This is a big change from April of 2013 where sales volume was up roughly 30%. We’re definitely still in a Seller’s market though as indicated by the following:

  • Median Days on Market is at 21 days
  • There are only 2.9 months of remaining inventory
  • Homeowners that closed last month received 99.7% of asking price

Condo Stats

Newtown Condo

This Newtown condo (MLS# 201405250) is priced at April’s median of $355,000

Condo prices were also up by 6% to $355,000 and also followed the single-family home trend of less transactions as 445 sales was a 2.6% decline from April of 2013. Similar to homes, condo sellers also experienced a Seller’s market 21 days median taking to sell in April. Months of remaining inventory was also low with just 3.4 months. Sellers also received a strong 97.3% of asking price last month.

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

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.

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