For your perusal here are the April 2017 Oahu Hawaii Real Estate housing statistics courtesy of the Honolulu Board of Realtors Hawaii Housing Stats April 2017. In Summary:
Overall sales have decreased by -7% in April for Single Family Homes and increased by 5.7% for Condos compared to April last year. The YTD (Year-To-Date) data shows an overall modest sales decrease of -1.2% for Single Family Homes and a significant increase by 6.7% for Condos compared to last year. The overall combined trend is upward.
Median prices have decreased by -1% for Single Family Homes and increased by 6.7% for Condos compared to April last year while YTD median prices have increased by 2.8% and 3.9% respectively for Single Family Homes and Condos. The overall trend is upward (the notable exception would be the Hawaii luxury homes areas).
Special Note for April Data: Average Sales Prices for Single Family Homes actually decreased by -6.6% while Median Prices fell by only -1%. This is an indicator that prices at the upper end i.e. luxury homes have actually fallen whilst the middle or median home neighborhoods are just slightly lower.
DOM (Days-on-Market) indicator has decreased for Condos to an average of 15 days for April from 19 for same month last year. DOM for Single Family Homes has increased to 18 days for April compared to 15 for last year (Luxury Home areas are still experiencing very long DOMs – avg. 16.5 months of inventory for homes over $1.9M – thus entering extreme Buyers Market territory in some neighborhoods).
For the detailed report including a breakdown by neighborhood please see: Oahu Neighborhoods Real Estate Statistics (April 2017 Data Available After May 17). Please note that the overall stats for Luxury Homes in Hawaii are starkly different from that of the Median Home Areas whereas Luxury Home inventory is high causing downward pressure on prices in those neighborhoods i.e. Buyers Market (Median Home areas are Sellers Markets).
Hot Tip If you are thinking of upgrading to a Luxury Home from a Median Home, now would be a great time to sell your current home and upgrade to a Luxury Home neighborhood. Please call me for details.
For more information about whether your neighborhood is in a Buyers or Sellers Market (or if you are a Buyer the neighborhood you are interested in) please check out my previous blog/newsletter here: Buyers or Sellers Market? Absorption Rate is the Key .
For more analysis of what all this means for Real Estate in Hawaii in 2017 including tips on whether to buy a home or condo please check out my April Newsletter/Blog. May Newsletter/Blog will be out during the 3rd week of the month so please look out for it in the Blog section of my website: hawaiidamon.com/blog
Please check out this sites easy to use Search Tool to find current listings of Hawaii Real Estate now on the market. Homes for sale in Oahu and condos for sale in Honolulu (Waikiki, Ala Moana, Kakaako, Hawaii Kai etc.) can all be found here using the Hawaii Condo Search or Hawaii Home Search tools.
Aloha!
Damon Rhys