October statistics provided to be another strong month for Sellers on Oahu. The median home price was up 7.9% to $625,000 and the median condo price was up 6.6%. What’s even more impressive is the sales volume with home sales up 26.5% and condo sales up 32.4% from last year!
Halloween in Honolulu this year felt like summer in more ways that one
Oahu Shows Strong Signs of Seller’s Market
The real estate sales and weather we experienced last month felt as if summer never ended. In addition to strong buyer traffic, we had some of the hottest days of the year. It’s as if summer hit us late in more ways than one. My gut feeling is the hot sales (and weather) can’t last forever though. October saw the first increase in days on market for homes (up from 26 to 36 days) in 3 months. It was also the first increase in days on market for condos since December of last year.
Although it appears future Sellers may take slightly longer to sell, Halloween surely wasn’t enough to scare away the Buyers. If you’ve been a Buyer on the sidelines, I’ve always said more opportunities tend to present themselves around the Holidays as the competition is typically less.
While these are all signs of a strong Seller’s market, all real estate is local. To find out what is happening in your neighborhood, contact me to see what is going on in your market, and if now is the time to buy or sell.
Here’s a recap of October real estate trends on Oahu:
Neighborhoods “Hot” for Sellers
- Home sales on the Windward Coast were up 600%*
- Home prices on the North Shore were up 167%
- Condo sales in Moanalua-Salt Lake were up 286%
- Condo prices in Waialae-Kahala were up 244%
Neighborhoods “Hot” for Buyers
- Home sales in Wahiawa were down 71%
- Home prices in Ala Moana-Kakaako were down 35%
- Condo sales on the North Shore were down 50%
- Condo prices on the North Shore were down 56%
* Sales were a bit skewed with only 1 sale last year, now 7