Months of remaining inventory in March was the lowest we’ve seen in years. Homes are now at 4 months and condos at 4.5 months. According to the National Association of Realtors, anything less than 6 months is considered a “seller’s market.” Believe it or not, we’ve been in a seller’s market now since September of last year.
The median sales price for a single family home on Oahu jumped 13.9% from last year to $625,000, which was also the same price we had in February. Other trends pointing towards a seller’s market are a 10.8% drop in the numbers of sales as well as another 10% drop in the number of new listings coming on market compared to this time last year.
Meanwhile, condo prices were down 1% to $311,750 and sales volume was up slightly by 2%. Pending sales of condos on Oahu are the highest they’ve been in the last few years with 474 under contract by the end of March. I’m assuming a good bulk of this is the short sale inventory moving through our markets.
Here’s a recap of March real estate trends on Oahu:
Neighborhoods “Hot” for Sellers
- Home sales on the North Shore were up 150%
- Home prices on the North Shore were up 74%
- Condo sales on the North Shore were up 150%
- Condo prices in Waialae-Kahala were up 77%
Neighborhoods “Hot” for Buyers
- Home sales in Moanalua-Salt Lake and Wahiawa were down 75%
- Home prices in Moanalua-Salt Lake were down 32%
- Condo sales in Makakilo were down 64%
- Condo prices on the North Shore were down 44%
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.