Oahu Home Sales Down, While Median Price Up to $605,000

By
Real Estate Agent with Harcourts Island Properties RB-20368

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?

What areas were not?

  • Kaneohe sales were down 50%
  • Wahiawa sales were down 29.3% from $138,000 to $97,500
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Topic:
ActiveRain Community
Location:
Hawaii Honolulu County
Tags:
downtown honolulu
kahala
kaneohe
wahiawa
oahu sales

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Rainmaker
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Tom Priester
Paradise Sharks - Jupiter, FL
Paradise Sharks

David, I think your sales have some of the same tendencies we see here in southern Florida. In Jupiter the median prices are up over 11% in the last few months and last month sales numbers were down. Love the data and seeing that all is well in the islands! Aloha

Aug 19, 2010 10:51 PM #1
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Rainmaker
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David Buck

Realtor-Broker
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