Steady Appreciation on Oahu in March

The Oahu real estate market is chugging along with steady appreciation. Median sales prices for both homes and condos were up again in March.

Single-Family Home Stats

Home in Kapolei Knolls (MLS# 201403901) listed just above March’s median price

The median price last month was up 2.7% from March of 2013 to $657,000. Sales volume was also up 6.5%. Median Days on Market dropped back down to 17 days, which is tied with the lowest we’ve seen in recent years. Months of remaining inventory remained at 2.6 months.

Although higher than our low last year of 2.4 months, it is significantly below the National Association of Realtors’ threshold of 6 months, which defines a “Seller’s Market.” The most notable stat I saw was that homes that sold last month received 101.2% of asking price!

Condo Stats

Condo at Pearl 2 (MLS# 201405907) priced at March’s median of $350,000

The median price of condos was up 2.9% from 2013 to $350,000. Sales volume, however, decreased by 5.8% with 387 sales compared to the 411 we had last year. The median Days on Market was just 25 days, and months of remaining inventory also showed signs of a Seller’s Market with 3.2 months.

Seller’s on average received 97.2% of asking price, which sure isn’t bad. The one stat that stuck out to me on the condo front was there were 1,678 Active Condo listings on the market in March, which was up 21.6% from our recent low of 1,316 listings last year. It was also the most amount of condo inventory we’ve seen since August of 2012.

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

Neighborhoods “Hot” for Sellers

• Home sales in Hawaii Kai were up 171%
• Home prices on the North Shore were up 83%
• Condo sales in Makaha–Nanakuli were up 111%
• Condo prices in Kaneohe were up 37%

Neighborhoods “Hot” for Buyers

• Home sales in Aina Haina–Kuliouou, Mililani and the Windward Coast were all down 50%
• Home prices in Moanalua–Salt Lake were down 36%
• Condo sales in Kapahulu–Diamond Head were down 53%
• Condo prices on the Windward Coast were down 46%

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.