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Oahu Real Estate Market Activity for February and Year-to-Date

By
Real Estate Agent with East Oahu Realty

The real estate market on Oahu posted very positive numbers for the month of February.

Closed Sales, all properties, increased 13.1%
Closed Sales, single family homes, increased 2.3%
Closed Sales, condos, increased 20.9%

Single Family Market Overview, February 2010 to February, 2011
Closed Sales rose 2.3%, from 177 to 181
Days on Market increased 52.6%, from 38 to 58
Median Sales Price decreased 1%, from $575,500 to $570,000
Average Sales Price increased 2%, from $685,249 to $699,034
Housing Affordability Index rose 4.6%, from 65 to 67
Inventory of Homes decreased 9.7%, from 1545 to 1,395
Months Supply of Homes for Sale decreased 16.9%, from 6.5 months to 5.4

Single Family Market Overview, Year-to-Date 2010 to 2011
Closed Sales rose 7.0%, from 356 to 381
Days on Market increased 13.6%, from 41 to 46
Median Sales Price decreased 1.7%, from $580,000 to $570,000
Average Sales Price increased 2.3%, from $683,211 to $699,026
Housing Affordability Index rose 4.6%, from 65 to 67

Condo Market Overview, February 2010 to February, 2011
Closed Sales rose 20.9%, from 244 to 295
Days on Market increased 13.7%, from 51 to 58
Median Sales Price increased 7%, from $299,000 to $320,000
Average Sales Price increased 10.2%, from $356,520 to $392,714
Housing Affordability Index fell 2.5%, from 118 to 115
Inventory of Condos decreased 4.1%, from 2,014 to 1,931
Months Supply of Condos for Sale decreased 10.3%, from 6.3 months to 5.7

Condo Market Overview, Year-to-Date 2010 to 2011
Closed Sales rose 16.0%, from 486 to 564
Days on Market increased 33.8%, from 40 to 54
Median Sales Price increased 2.8%, from $299,000 to $307,500
Average Sales Price increased 1.9%, from $349,407 to $356,210
Housing Affordability Index fell 2.5%, from 118 to 15

A graph provided by the Honolulu Board of Realtors shows a steady increase in sales for the past 3 years, both in February and year-to-date, and for both single family homes and condos.  Let me know if you would like a complete copy of the thorough statistical analysis of our Oahu real estate market.  I can email you a .pdf file with charts and graphs.

For local knowledge, and sales in specific communities, call or email me.  Oahu's real estate market is quite varied, from the water-centric homes of Hawaii Kai, to old Hawaiian historic homes in Manoa, to the new 2nd city of Kapolei.  I'll be happy to do a market analysis of any area on Oahu for you.

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