The median sales price for single family homes and condos hit record highs this past month on Oahu.
Infographic of Oahu Sales Statistics for June, 2016
Single Family Home Stats
Jumping 8.6% from last year, the median sales price for a single family home on Oahu is now at an all time high of $760,000. It was also a significant bump from May's price of $719,000. Homes were trading briskly with only 14 days being the median days on market. Sales volume was the same as last year with 324 transactions taking place.
Home in Keolu Hills (MLS # 201618511) listed just under June's median at $759,000
Condo Sales Stats
The condo market was up even stronger as the median sales price hit $405,500, which was a 19.8% increase from last year! While the home market remained the same with numbers of transactions, condo sales were up 9.6% with 548 transactions taking place. The median days on market also favored Sellers with just 20 days.
Marco Polo Condo (MLS # 201616530) listed just under June's median at $405,000
Median Sales Prices on Oahu Since 1987. Note: New Record High
Now that we've hit new record highs, where do we go from here? Only time will tell... 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 Makakilo were up 129%
- Home prices in Makaha-Nanakuli and Windward Oahu were up 40%*
- Condo sales in Waialae-Kahala were up 200%
- Condo prices in Ala Moana-Kakaako were up 71%
Neighborhoods “Hot” for Buyers
- Home sales on the Windward Coast were down 67%*
- Home prices in Kalihi-Palama were down 10%
- Condo sales in Diamond Head-Kapahulu were down 90%
- Condo prices in Diamond Head-Kapahulu were down 67%
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.
* Last year there were 6 sales on the Windward Coast, whereas there were only 2 this year, which is why the data was skewed with less sales, however higher prices.