2017 got off to a sluggish start as prices remained stagnant for both single family homes and condos. Transaction volume on the other hand had a significant bump from January of 2016.
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Single Family Home Stats
This home in Kalihi Valley (MLS # 201702779) is listed just under January's median for $730,000
The median sales price was down .5% from last year where it was $733,500. Sales volume was up 6.5% with 247 closed sales. It was still a Seller's Market with days on market. Last year was at 20 days and this year was still great with the median time just 21 days. There's also 5% less inventory than there was last year, which is showing great absorption of homes listed for sale.
Condo Stats
Punchbowli Condo (MLS # 201702077) listed for January's median of $380,000
While single family home prices were down slightly the median condo price was just barely up 1.5% from last year's $374,500. Two stats that really stood out at me were:
1. Median Days on Market jumped 30% from 20 to 26 days
2. Active Listings were down 7.3% from last year
As always, all real estate is local. Here are the neighborhoods on Oahu that were hot for sellers and buyers in January:
Neighborhoods “Hot” for Sellers
- Home sales on the North Shore were up 250%
- Home prices in Aina Haina-Kuliouou were up 41%
- Condo sales in Makakilo were up 171%
- Condo prices in Kalihi-Palama were up 82%
Neighborhoods “Hot” for Buyers
- Home sales in Moanalua-Salt Lake were down 67%
- Home prices in Downtown-Nuuanu were down 23%
- Condo sales on the North Shore were down 67%
- Condo prices on the Windward Coast were down 73%
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.