The Honolulu Board of Realtors has released the latest stats for February.
Condo sales were up from 244 to 295 resales, which represents a whopping 20.9% increase from the previous year! The median sales price of condos on Oahu also increased 7% over the same period from $299,000 to $320,000. Single family home sales were relatively flat with a 2.3% increase in sales volume from 177 to 181 homes sold. Prices were also flat as they were down 1% from $575,000 to a new median price of $570,000.
58 was the magic number in February for the amount of time needed to sell. Both condos and homes were also selling at a slower rate than last year as condos were taking 58 days to sell compared to 51, and the average days on market for homes was up to 58 from 38 in 2010 (and condos).
What neighborhoods were hot in February?
- Home sales on the Windward Coast were up 500%
- Home prices in Waialae-Kahala were up 48.7%
- Condo sales in Mililani were up 142.9%
- Condo prices in Kapahulu-Diamond Head were up 44.6%
What neighborhoods were not hot in February?
- Home sales in Kalihi-Palama were down 57.1%
- Home prices in Aina Haina-Kuliouou were down 57%
- Condo sales in Makakilo were down 60%
- Condo prices in Wahiawa were down 40%
As always, all real estate is local. To find out what's happening in your neighborhood, contact me to see what's going on in the market, and if now is the time to buy or sell.