The condo market was hot in August with both the median sales price and number of sales up 12.4% since last year.
Infographic of Oahu home and condo sales for August, 2016
Condo Sales Stats
The median condo price finished up 12.4% at $398,000, which although was strong fell short of June's record of $405,500. On average, Sellers got 97.6% of asking price and the median days on market was just 16 days. There were also 12.4% more deals taking place than last year with 481 closed sales for the month.
Kaneohe condo (MLS # 201617983) listed just over August's median at $399,000
Single Family Home Stats
The single family home market was also healthy for Sellers with the median price up 6.9% from last year to finish at $747,500. The number deals taking place remained flat with 344 closings - the same as last August. Sellers remained happy receiving 99.8% of asking price and the median Days on Market was just 15 days.
Royal Kunia home (MLS # 201623253) listed just under August's median at $747,000
As always, all real estate is local. Here are the neighborhoods on Oahu that were hot for sellers and buyers in August:
Neighborhoods “Hot” for Sellers
- Home sales on the Windward Coast were up 133%
- Home prices in Waialae-Kahala were up 24%
- Condo sales in Makaha-Nanakuli were up 114%
- Condo prices in Waialae-Kahala and Waipahu were up 29%
Neighborhoods “Hot” for Buyers
- Home sales in Hawaii Kai were down 57%
- Home prices on the North Shore were down 38%
- Condo sales Wahiawa were down 100%
- Condo prices in Wahiawa were down 100%
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.