The same ‘ole story has finally changed. After almost of year of writing articles on how our sales volume is increasing on Oahu, July was the first month where we didn't outpace the previous year's overall numbers. Single family home resales just barely outpaced July of 2009 by two sales, while condo sales were down from 343 to 320.
In addition to the volume working its way up, so were the prices until June when they went flat. Prices for single family homes however rebounded with a median sales price of $605,000. Condo prices were down from June and 2.7% off last year's prices.
What is this trend showing? In my opinion, buyers are realizing there are opportunities out there and the single family home market is where it's been (as of lately). That's why we're seeing the volume and prices remaining strong in that segment of the market. With interest rates at an all time low, those that can qualify for a loan are seeking opportunity. If you're looking for to purchase a home and take advantage of this, contact me for more information.
In addition, here is what WAS HOT and WHAT WAS NOT in July:
What areas were Hot in July?
- Waialae-Kahala sales were up 350% !
- Downtown-Nuuanu saw the median sales price rise 46.5% from $305,000 to $446,900!
What areas were not?