Oahu Home Sales Down in October While Prices Stable

By
Real Estate Agent with Harcourts Island Properties RB-20368

Perhaps I got ahead of myself when I said, "don't be scared of Oahu's home sales" last month.

We are thankful this Thanksgiving for stable home prices on Oahu.

In October, sales of single family homes were down 16.9%, and condo sales were down 21.3% from the previous year. That's the "scary" news. What isn't so scary, is prices are stable with the median sales price down just 1.4% to $595,750 for single family homes, and condo prices remained unchanged with a $300,000 median price. On a positive note, here are two strong indicating factors that should boost November sales:

  1. Pending sales for homes are up 28.5%, however, condos down 6.9%
  2. Days on market for homes to sell are down 32.7% from 52 to 35 days, and condos down 37% from 54 to 34 days!

What does this mean? Although the numbers of sales were down, they are not only trending back up, they are also selling faster! This time of year is typically a slow season, however, it's shaping up to be a busy season for home buying. With historically low interest rates, buyers are realizing some great opportunities.

Here's what was "hot" on Oahu in October:

Here's what was "not" on Oahu in October:

  • Home Sales: Waialae-Kahala was down 73.3%
  • Home Prices: North Shore home prices down 24.9%
  • Condo Sales: Kapahulu-Diamond Head and Waialae-Kahala were both down 50%
  • Condo Prices: Makaha-Nanakuli was down 34%

Did you notice something strange? How could Waialae-Kahala be both "hot" and "not"? Although prices were strong, there were very little sales. As sales volume typically leads prices in a real estate cycle, the Windward Coast and Kalihi may be some areas to keep an eye on.

If you're thinking about buying, or selling real estate on Oahu, contact me today!

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Hawaii
Tags:
oahu sales
oahu housing prices
waialaekahala

Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
49,701

David Buck

Realtor-Broker
Contact David
*
*
*
*

Additional Information