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Aloha Everyone, Colwell Banker Pacific Properties provides this monthly update to share with the public. Please call me if you have any questions or comments. Confident home sellers are reaping the rewards of a rebounding Oahu housing market, according to this month’s figures from the Honolulu Board of Realtors. With year-over-year home sales and prices up yet again in July, those looking to sell a home or condo are further reassured by the fact that last month, there were 9 percent fewer active listings than the market a year ago, and that real estate in general is selling faster — in 30 percent less time. In fact, condos are selling in a median of 20 days on the market, while single-family homes are selling in a median DOM of 17. More homes are selling on Oahu, but fewer homes overall are actively listed, keeping supply depressed and demand higher than ever. Inventory levels are down to 1,105 active SF listings from 1,219 in July 2012, and only 1,554 active condo listings down from 1,724 the previous year. HBR’s stats for the month indicate that the number of closed sales is still rising — single-family home volume is up 9.4 percent, and condo volume is up 17 percent! The exuberance of sellers is punctuated by the fact that they grossed 99 percent of their original list price (for condos), 99.8 percent of their original list price (for single-family homes), and the renewed determination and commitment of buyers to get into the market before interest rates rise. Condo sales are sizzling hot in July, significantly up from 364 closed sales in July 2012 to an impressive 426 sales last month. This brings the year-to-date sales volume figures for condos up 19 percent for 2013. Single-family sales volume continues in the upward direction as well, from 265 in July a year ago to 290 — and up 11.4 percent for the year. The solid rise in closed sales is a testament to the fact that buyers, as well as sellers are enthusiastically responding to the energy of this market. |
Condo prices punched up another 8 percent in July, to an all-time high of $345,500 — the previous high MSP for condos was $325,000, set during the boom years in 2007. The vigor in this more-affordable multi-family segment of the market seems to keep gaining strength as single-family home prices also continue to rise —up 2 percent in July, from $635,000 to $647,500. For prospective buyers or sellers, this is no time to be on the sidelines. Don’t just watch this time. Get in and play.
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