Outside of the fact that the median sales price of a home on Oahu was up 11.6% from last year and up over 10% from the previous month, there are several other market stats that are making a break from the status quo and trending towards a seller’s market.
May Sales Statistics
As I looked through the monthly sales statistics from the Honolulu Board of Realtors, there were several graphs that really stood out to me:
Days on Market – The median days on market for single family homes to sell is 28 days, which is the lowest it’s been in many years. Condos are also moving quickly with just 32 days, which is the lowest amount of time since October of 2010.
Pending Sales – In May, there were 515 condos and 385 homes under contract, which are the highest numbers we’ve seen in a long time.
Months of Inventory – We are down to just 3.7 months of inventory these past two months for single family homes. Condos are down to 4.4 month, which is also the lowest we’ve seen in many years. For reference, anything under 6 months is considered a “seller’s market” according to the National Association of Realtors. If you look at most markets on the mainland (and some neighbor islands) these numbers are in the double digits.
Active Listings – Available single family homes for sale on Oahu were 1,200 the past two months, which is a significant drop from around 1,700 we were hovering around a few years back. Available condo listings were also low around 1,800, which is a contraction from 2,311 listings just a few years ago.
Percentage of Original List Price Received – Although our market has been relatively healthy with sellers (that sell) averaging in 94-96 percentile the last few years, that number shot up to 97.8% for single family home sales in May!
As always, all real estate is local. To find out what is happening in your neighborhood, contact one of our great Realtors on Oahu to see what is going on in your market, and if now is the time to buy or sell.
Here’s a recap of May real estate trends on Oahu:
Neighborhoods “Hot” for Sellers
- Home sales in Makaha–Nanakuli were up 200%
- Home prices in Hawaii Kai were up 92%*
- Condo sales in Waialae–Kahala were up 500%
- Condo prices on the Windward Coast were up 105%
Neighborhoods “Hot” for Buyers
- Home sales in Hawaii Kai were down 57%*
- Home prices in Moanalua–Salt Lake were down 13%
- Condo sales in Wahiawa were down 67%
- Condo prices on the North Shore were down 35%
*There were only 6 sales in Hawaii Kai in May (ranging from $1,249,000 to $4,100,000). Since only the high end moved, it threw off the stats and explains the (rare) reason why Hawaii Kai was great for both buyers and sellers in May.
David was born and raised in Hawaii, growing up on both Oahu and Maui. He is a 2nd generation real estate professional and 3rd generation businessman in Hawaii. He graduated from Punahou School and went on to earn his degree in Environmental Analysis and Design from the University of California at Irvine. His hard work didn’t stop there. He went on to become a Honolulu Firefighter. After 7 years of two careers “putting out fires” figuratively and literally, David made the decision in 2007 to sell real estate full time. However, he still carries on the Honolulu Fire Department’s motto of Pride, Service and Dedication to servicing his clients’ needs.