David and Dianne share the September Oahu and Harcourts Auctions Stats
Oahu Single Family Home Stats
The median sales price for a single family home on Oahu was $777,000, which was a 4% drop from the previous year of $812,500. It's taking homes 29 days to sell, which is 70% increase over September, 2019.
Oahu Condo Stats
On the condo front, we hit a median sales price of $445,000. That was a 4% increase over the previous year of $425,000. Condos are also taking longer to sell with 27 days on market vs. only 20 days last year. Overall, it's becoming a little more of a Buyer's Market.
September Market Snapshot
Harcourts Auctions Statistics
We had $42 million in escrow at the end of 2 auctions in September. One property had 5 bidders. We also had a new listing with a start to bid price of $4.9 million in San Juan Capistrano.
Local Neighborhood Update by David & Dianne
Local Single Family Home Stats
The largest increase in the number of sales took place in the Ewa Plain with a 51% jump. What's been happening is people have been priced out of metro/east Oahu and finding better bargains out west. We followed a similar trend where the largest increase in price was in the Makaha-Nanakuli neighborhood. There was saw a jump from $448,000 to $550,000. Buyers are finding a greater value out west and can still enter the market for several hundred thousand dollars less than the median sales price on the island.
Local Condo Stats
The largest increase in the number closed transactions was Downtown-Nuuanu. There was a 72% increase in the number of sales there since last year. In terms of median sales price, 7 neighborhoods experienced a decrease, 10 neighborhoods experienced an increase and 3 of our neighborhoods the prices were relatively flat. It's a stable market which may be slightly softening when compared to the market we've been experiencing the last few years. In terms of median sales price, the largest increase was in our own neighborhood of Kapahulu-Diamond Head. Our median price was up by 145% from $450,000 to $1,100,000!
Summary
Mahalo for listening and reading. Just so you know, this is an overall broad view of Oahu. Every neighborhood is different, so if you'd like to know a little more about your specific neighborhood, feel free to contact us directly at 808-777-4880.