The median sales price for homes and condos on Oahu were up compared to last year, however not quite as high as June's record prices.
July 2016 Infographic of Real Estate Sales on Oahu
Single Family Home Stats
The median sales price of a single family home sale on Oahu was up 5.1% from July of 2015. Coming in at $746,000 it was still shy of the record $760,000 price we saw in June. As prices were up, the number of sales taking place on Oahu was down 4.5% with 322 sales taking place. Days on Market still favored Sellers with just 16 Days as the median.
Condo Sales Stats
The surge in the median sales price of a condo was a huge jump as indicated by the title of my article. We saw a 14.3% increase since July of 2015 rounding the price out at an even $400,000. Although slightly off June's record (as well) of $405,000, we're really seeing the effects of people being priced out of the single family home market. The Average Sales Price took an even larger jump finishing at $459,859, which was an 18% increase from last year. We also saw a drop in Median Days on Market by 25% as it's now taking roughly 18 days to sell vs. 24 days a year ago.
This Kapahulu condo (MLS # 201618912) is listed for July's median price of $400,000
Serious Lack of Inventory
What's been driving the price appreciation? Once again, it boils down to simple economics of Supply vs. Demand. Here's what's happened to our inventory on Oahu since July of 2015:
- New Single Family Home Listings were down 11.9%
- Active Single Family Home Listings were down 4.5%
- New Condo Listings were down 13.9%
- Active Condo Listings were 11.6%
Notice the big difference in the active listings of single family homes vs. condos? The larger drop in inventory in the condo market translated into a larger increase in median sales price for condos. Interest correlation isn't it?
As always, all real estate is local. Here are the neighborhoods on Oahu that were hot for sellers and buyers in July:
Neighborhoods “Hot” for Sellers
- Home sales on the Windward Coast were up 67%
- Home prices in Aina Haina-Kuliouou were up 61%*
- Condo sales in Waialae-Kahala were up 133%
- Condo prices in Waialae-Kahala were up 85%
Neighborhoods “Hot” for Buyers
- Home sales in Aina Haina-Kuliouou were down 77%*
- Home prices in Waialae-Kahala were down 10%
- Condo sales in Makaha-Nanakuli were down 65%
- Condo prices on the North Shore were down 11%
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 Aina Haina-Kuliouou, there were 13 sales last year vs. only 3 this year. Since there were significantly less deals taking place at higher prices, the data was skewed a bit.