Oahu Real Estate Market Update 2013 Issue 8

By
Real Estate Agent with BERKSHIRE HATHAWAY HomeServices Hawai'i Realty RS-63620

 

 

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.

 

 

Posted by

Aloha,

Lila Marino-Camacho (RA)

"International Sterling Society and Top Salesperson-Units, Windward Office 2012, Top 10% Oahu Realtors 2012"

Coldwell Banker Pacific Properties

Cellular: (808) 341-6034

Email: Lilamc315@hawaii.rr.com

Website: www.KailuaRealEstateOahu.com

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Hawaii Honolulu County
Groups:
Market Updates
Local Expert
Luxury Home Agents
Market Reports
HyperLocal Neighborhood and Community Posts
Tags:
honolulu real estate
oahu real estate
kaneohe real estate
hawaii kai real estate
kailua real estate
kahala real estate
oahu market updates

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,349,175
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

This is good news...although a very different buyer profile, your stats are often mirrored in my island region.

Aug 12, 2013 10:08 AM #1
Rainer
71,127
Lila Marino-Camacho
BERKSHIRE HATHAWAY HomeServices Hawai'i Realty - Kailua, HI
RA - Windward Oahu (Kailua-Kaneohe) & Relocation S

We have investors from all over the world, military, and local home buyers here. As they say here-Lucky we live Hawaii!! Thank you for your comment.

Aug 12, 2013 10:13 AM #2
Rainmaker
1,049,415
Mark Loewenberg
KW of the Palm Beaches - Palm Beach Gardens, FL
KW 561-214-0370

excellent report to share with buyers and sellers in your area, this is need to know information!

Aug 12, 2013 11:44 AM #3
Rainer
71,127
Lila Marino-Camacho
BERKSHIRE HATHAWAY HomeServices Hawai'i Realty - Kailua, HI
RA - Windward Oahu (Kailua-Kaneohe) & Relocation S

Thank you! 

Aug 12, 2013 11:57 AM #4
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
71,127

Lila Marino-Camacho

RA - Windward Oahu (Kailua-Kaneohe) & Relocation S
Ask me a question
*
*
*
*
Spam prevention