Coldwell Banker Pacific Properties agents share this monthly market update with their clients. Here is an update for Oahu.
A dramatic increase in the number of sales closing in April on Oahu along with shrinking inventory has the attention of both buyers and sellers. No question about it, 2013 is a great time to buy real estate — buyers are out in record numbers. But available inventory remains depleted, which also means it’s a great time to sell real estate. Indeed sales volume saw double-digit increases in April — in both the single-family and condominium segments — confirming to sellers the advantages of listing their homes while there is less competition. According to the National Association of Realtors, sales volume has been above year-ago levels for 21 consecutive months, while prices show 13 consecutive months of year-over-year increases. On Oahu, further evidence of a strong market is the low number of days a house or condo is on the market before it sells, which is 19 days for condos — a new 2-year low. Pending sales, a forward-looking indicator of what homes sales might be in the future based on homes in escrow, are at 2-year highs for single-family homes — up 11.1 percent from April of 2012. In the condo market, pending sales are up 28.6 percent. These are all good indicators that the summer season will likely be hot. Call me, if you want to know what your home is worth.
Lawrence Yun, National Association of Realtors chief economist, says, “Buyer traffic is 25 percent above a year ago when we were already seeing notable gains in shopping activity.” On Oahu, gains are especially noteworthy. The number of closed sales is up 29 percent from last year in single-family home sales, and up 33.2 percent in the condo segment. Active listings are still near all-time lows, with single-family inventory down 11 percent from April 2012, and condo inventory down 20 percent from last year.
Prices are on a sure and steady climb — up 4.2 percent to $625,000 for the median price of a single-family home, and up 5 percent for a condo to $335,000. Year-to-date numbers are up as well — up 1.3 percent and 7.3 percent for the first four months of 2013, for single-family homes and condos respectively. We anticipate a summer-buying/selling frenzy. What are you waiting for?
For more information on Oahu Real Estate, please log into my website www.KailuaRealEstateOahu.com