Oahu’s median sales price for homes jumped 8.6% in January to $618,900, which is the highest we’ve seen since September of 2010. Meanwhile, sales volume was down 12.1% from last year and its lowest since February of 2010, indicating signs of less inventory = higher prices.
Oahu Condo Statistics
On the condo front, the median price was also up 4.8% to $305,000 and sales volume was up just slightly at 1.9%. After 4 months of pending sales dropping in volume, they picked up significantly in January as I think both Realtors and Buyers are coming through on their New Year’s resolutions.
It’s a Great Time For Sellers
Months of remaining inventory is the lowest we’ve seen for both homes (5.2 months) and condos (4.7 months) in the last several years. The National Association of Realtors says anything less than 6 months is a “seller’s market,” so, it appears it may be an opportune time if you’re considering selling.
Here’s a recap of January real estate trends on Oahu:
Neighborhoods “Hot” for Sellers
- Home sales in Hawaii Kai were up 160%
- Home prices in Kaneohe were up 29%
- Condo sales on the Windward Coast were up 200%
- Condo prices in Kailua-Waimanalo were up 58%
Neighborhoods “Hot” for Buyers
- Home sales on the Windward Coast were down 75%
- Home prices on the Windward Coast were down 75%
- Condo sales on the North Shore and Wahiawa were down 100%*
- Condo prices on the North Shore and Wahiawa were down 100%*
*There were no sales in either of these neighborhoods in January
As always, all real estate is local. To find out what is happening in your neighborhood, feel free to contact me to see what is going on in your market, and if now is the time to buy or sell.