Residential real estate sales and prices were relatively flat in May when compared to 2015.
Infographic for May, 2016 sales stats on Oahu
Single Family Home Stats
The median sales price last month was $719,000, which was up 3% from 2015. There's actually been 3 months over the course of the past year that were higher. Transaction sides closed experienced roughly the same increase (up 3.2%) with 319 deals that took place. Homes continued to move briskly with only 17 days on market.
This Makaha home (MLS # 201612001) is listed for May's median price of $719,000
The most significant stat I noticed for the month is the average single family home sales price was down 13.1% from last year. What this really shows in my opinion is a continued weakening on the luxury market. Last May, there were 11 homes that sold north of $3 million. This year saw only 3 trades north of $3 million.
Condo Sales Stats
The median condo price for the month ended up at $373,000, which was down .5% from last year. Sales on the other hand were up 6% with 477 transactions taking place. Even more impressive was the days on market was just 15 days.
Leasehold Diamond Head Beach Hotel Condo (MLS # 201601172) listed just over May's median
Unlike the large drop in average home price, the average condo price for the month was actually up slightly to by 1.9%. My suspicion is that it's because the luxury condo market was already starting to soften this time last year, whereas the single family home luxury market has been feeling the effects more recently.
As always, all real estate is local. Here are the neighborhoods on Oahu that were hot for sellers and buyers in May:
Neighborhoods “Hot” for Sellers
- Home sales in Waialae-Kahala were up 233%*
- Home prices on the North Shore were up 86%
- Condo sales in Makaha-Nanakuli were up 120%
- Condo prices on the Windward Coast/Kaneohe were up 204%
Neighborhoods “Hot” for Buyers
- Home sales in Kalihi-Palama were down 73%
- Home prices on the Waialae-Kahala were down 73%*
- Condo sales on the North Shore were down 64%
- Condo prices in Kailua-Waimanalo were down 35%
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.
* In Waialae-Kahala there were 3 sales with an average sales price of $4,590,000 in 2015. Whereas this year there were 10 sales with an average price of $1,244,000. This further supports my observations above of the luxury home market slowing down.