Oahu Real Estate Market Update for January 2013

Aloha Friends,

This is a report that is generated for Coldwell Banker Pacific Properties agents to distribute and share.

Existing home sales soared in January — up nearly 30 percent, while the inventory of active listings continues to drop.

The Honolulu Board of Realtors (HBR) reports the pace of single-family homes sales on Oahu is well ahead of figures from last year. There were 227 single-family homes sold onOahu last month, up 29.7 percent from 175 home sold in January of 2012.

Inventory, both active listings and the number of new listings, is down considerably from last year. There were 25.3 percent fewer single-family homes on the market in January this year as compared to last, and 10.2 percent fewer new listings. 

When there are relatively few homes on the market and buyer demand is up, there is typically upward pressure on prices. Yet the Median Sales Price of single family homes was down 3.9 percent from $618,900 in January 2012 to $595,000 January 2013. According to HBR, this was due to a higher volume of lower priced homes as low interest rates and reasonable prices have a large number of first-time homebuyers optimistic about buying their first home — they account for more than their average share of buying.

The number of Condos sold on Oahu was also up 5.9 percent to 286 from a year ago. Inventory was down in this segment as well, 26.8 percent from 1,816 in January 2012 to 1,329 January 2013.

Attached I have included, a customized Market Action Report of Kaneohe & Kailua. I will be happy to generate Market Action Report for any other community on Oahu.

If you’re thinking of selling, why not do it now, while there are fewer homes on the market to compete with. Call me today, for a free evaluation of your home’s value. 

In January 2013, sales of single family homes were up 29.7% over January 2012 and the number of condominiums sold was up 5.9%. This is a good indication of buyer confidence returning to the market.

January is historically one of the slowest months. So it is encouraging to see such a strong return of buyers to the market so early in the year as it indicates a healthy 2013 ahead.

The median sales price of a single-family home was down 3.9% in January, while the median sales price of a condo on Oahu rose 3.3%.

Pending sales are up in nearly all price ranges for both single-family and condominiums. And the median number of Days on Market was also considerably down in January — to 23 days for a single-family home and 36 days for a condo — in all price categories, suggesting sales are brisk.

Call me and we can zero in on what is happening in your neighborhood.