Oahu Home Sales Were Up 14.7% in May

May was a strong month for residential resales on Oahu. Unlike April that saw lower sales volume, home and condo sales moved briskly last month at higher prices.

Single-Family Home Stats

There were 305 single family home sales on Oahu last month, which was up 14.7% from May of 2013. The median sales price was also up 8.3% to $682,000. Homes were also selling in 20 days on average, so you have to be prepared to jump on something when it hits the market.

This Ocean Pointe home (MLS# 201407278) is listed just under May’s median of $682,000

Inventory as a whole is still relatively low. With 3.1 months of remaining inventory, it’s the slowest we’ve seen since September of 2012 and the actual number of home listings is the highest we’ve seen since June of 2012 with 1,279 active listings as the month rounded out. The word is out, inventory is picking up, however, at higher available prices.

Condo Stats

Condo sales were also up slightly by 1.1% with 457 sales. The median price however was up 12.7% from last year! As single family homes on Oahu become less affordable, condo prices have been rising. May’s median of $355,000 we also hit in April, however, it’s definitely a new high when comparing to 2012 & 2013. Median Days on Market was also good for sellers with just 21 days on market.

Mililani Mauka condo (MLS # 201411455) priced at May’s median of $355,000

Low Inventory

Right now, there is very little inventory on Oahu and it’s a great opportunity for Sellers. For instance, I ran a search yesterday for a client looking in East Honolulu (Diamond Head to Hawaii Kai) and there are literally only 8 listings on the market (home or condo) under $700,000 with 3 bedrooms or more. If you’re in the market and would consider one, I have a great listing at Regency Park that is back on the market and available.

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 120%
• Home prices in Aina Haina–Kuliouou were up 78%
• Condo sales in Kalihi-Palama were up 125%
• Condo prices in Ala Moana–Kakaako were up 71%

Neighborhoods “Hot” for Buyers

• Home sales in Moanalua–Salt Lake were down 67%
• Home prices in Kalihi-Palama were down 16%
• Condo sales in Waialae-Kahala were down 67%
• Condo prices on the Windward Coast were down 57%

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, feel free to contact me for more information.