Below is the sales activity for the month of September 2014 compared to the same month last year. This covers resale homes for Honolulu County (Oahu) and does not include new construction homes.
Single Family Home sales volume is still strong, in previous months volume was less, but prices were up from last year. In September we saw volume up a little from last year at this time, but prices flattening out. The average price is up while the median price is close to the same. That means more higher priced homes were sold this year compared to last. We continue to struggle with a low number of available homes for sale. Low interest rates are keeping buyers engaged and with the Fed predicting to begin to raise interest rates early next year, look for both buyers and sellers to get motivated to take advantage of this window of opportunity.
Condos and townhouses are seeing similar patterns as single family homes. There is a slight dip in both volume and median price. Average price is up meaning more of the higher priced condos are selling.
On Oahu, there is an overall shortage of housing units. If market conditions remain constant, we expect price increases to resume again island wide. They are already increasing in some parts of the island. Also it has been reported that the number of building permits for new construction issued since the beginning of the year is down by a huge amount. The lack of new homes being built will add to the tight inventory.
Single-Family Resale Homes
# Sales Median Price Average Price
September 2014 318 $678,500 $865,924
September 2013 303 $675,000 $828,000
Condos/ Townhouse Resale Units
# Sales Median Price Average Price
September 2014 415 $347,000 $421,721
September 2013 421 $348,000 $397,798
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*Median price means half the prices were above and half below the given price. For additional stats, please contact me. Data was taken from the Honolulu Board of REALTORS® MLS system. It is deemed to be accurate, but not guaranteed.
Contact me anytime for updated numbers for your individual community.
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