The median sales price for single family homes and condos on Oahu were up slightly in February.
Single Family Home Stats
This home in Newtown (MLS # 201905550) is listed for February's median price of $789,000
The median sales price for a single family home finished at $789,000, which was up 2.1% from February of 2018. The number of sales, however have dropped 4.1% since last year with 208 transactions taking place. Sellers were still doing ok as well with the median days on market stood at just 25 days.
Condo Sales Stats
This Island Colony Condo in Waikiki (MLS #201831524) is priced at Feb's median of $415k
On the condo front, prices were up even less by 1.5% to finish at $415,000. It's still a step in the right direction for owners overall. Unfortunately, the number of condo sales fell 16.6% from a year ago. Meanwhile, the days on market mirrored single family homes at 25 days.
The Elephant in the Room: Increasing Inventory
- Months of remaining inventory for Homes increased 60% from 2 months to 3.2 months
- Active Listings of Homes increased 41.6% from 1,014 to 1,436
- Months of remaining inventory for Condos increased 44% from 2.5 to 3.6 months
- Active Listings of Condos increased 30.9% from 1,789 to 2,342
Is the sky falling? It's hard to say at this point.
Bad News: This is a dramatic increase in inventory.
Good News: According to the National Association of Realtors, a Seller's Market is defined by anything less than 6 months of remaining inventory.
Although inventory has increased dramatically, we've technically still got a ways to go to become a Buyer's Market. However, if this momentum of increasing inventory continues without absorption, we could get there much sooner...
All Real Estate is Local
To learn more about what's happening in your particular neighborhood or building, feel free to contact us for more information.