The median condo price on Oahu hit a new record high of $425,000 in July. This was a 6.3% increase from July of 2016.
This Viewpoint at Waikele condo (MLS # 201713168) is listed for July's median of $425k
The $425,000 meidan also surpassed the previous high of $415,500 that was set in April. It continues to be a Seller's market with condos selling with a median of just 14 days on market! Sales volume also increased with a 7% bump in number of sales (444 to 475 on Oahu).
Single Family Home Stats
This Aiea Heights home (MLS # 201715445) is available for July's median of $750,000
July was also another great month for home sellers on Oahu. Although the median price was $45,000 off June's record of $795,000, homes were also moving briskly with just 20 days on market. There's definitely still a shortage of inventory and based on what I've been seeing in the field, I won't be surprised to see the median price ticking closer to $800k again at some point this year.
Local Market Updates
As always, real estate is local and here's what neighborhoods were hot for buyers and sellers in the month of July:
Neighborhoods “Hot” for Sellers
- Home sales in Aina Haina-Kuliouou were up 133%
- Home prices on the Windward Coast were up 29%
- Condo sales in Makaha-Nanakuli were up 88%
- Condo prices in Wahiawa were up 140%
Neighborhoods “Hot” for Buyers
- Home sales in Kailua-Waimanalo were down 36%
- Home prices in Aina Haina-Kuliouou and Downtown-Nuuanu were down 42%
- Condo sales on the North Shore were down 67%
- Condo prices in the Ewa Plain were down 20%
What’s Happening in Your Neighborhood?
Please consider these are broad overviews for regions on Oahu. To find out what is happening in your specific neighborhood (or street for that matter), feel free to contact me for more information.