This past month, we broke another record for the median single family home price on Oahu which finished off at $795,000. This was up 4.6% and crushed the previous high from June of 2016 that was $760,000.
This is the first market update I've done in awhile as we've been busy the past few months with our office relocation from Kaimuki to Kapahulu. Here's a quick video I'd like to share to give you an idea of the space:
New Harcourts Island Properties Office Space
Single Family Home Stats
This Waialua home (MLS # 201711838) on the North Shore is listed for June's median of $795,000
Not only was the median sales price at an all time high. We also witnessed the lowest median days on market I think I've seen in my career (over the past 17 years). It's now at just 12 days. The previous record was 14 Days in June of last year. We also had 370 sales on island, which was a whopping 14.2% increase from last year. If these stats aren't leaving you to believe this is a Seller's Market, I'm not sure how else stronger the argument could get.
Condo Sales Stats
This Honolulu Tower condo (MLS # 201713140) is listed for June's median price of $400,000
The median condo price on the other hand was down 1.4% from last year and was off from April's high of $415,500. The inventory was also moving though with just 13 days on market, which was also the lowest we've seen in years. Sales volume wasn't nearly as strong either with sales down 2.2% from last 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 June:
Neighborhoods “Hot” for Sellers
- Home sales on the Windward Coast were up 300%
- Home prices on the North Shore were up 31%
- Condo sales in Diamond Head-Kapahulu were up 700%*
- Condo prices in Diamond Head-Kapahulu were up 161%*
Neighborhoods “Hot” for Buyers
- Home sales in Kalihi-Palama were down 36%
- Home prices in Aina Haina-Kuliouou were down 22%
- Condo sales in Kalihi-Palama were down 42%
- Condo prices in Downtown-Nuuanu were down 23%
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.
* There was only 1 condo sale last year, which is why the jump was so significant