Oahu Hawaii Real Estate Statistics & Analysis
For your perusal here are the May 2017 Oahu Hawaii Real Estate housing statistics courtesy of the Honolulu Board of Realtors Hawaii Housing Stats May 2017. In Summary:
Overall Oahu Real Estate Sales have increased by 13.5% in May for Single Family Homes and increased by 13.2% for Condos compared to May last year. The YTD (Year-To-Date) data shows an overall modest sales increase of 2.2% for Single Family Homes and a significant increase by 8.2% for Condos compared to last year. The overall combined trend is upward.
Median Oahu Real Estate Prices have increased by 3.6% and 9% respectively for Single Family Homes and Condos compared to May last year while YTD median prices have increased by 2.8% and 5% respectively. The overall trend is upward (the notable exception would be the Hawaii luxury homes areas).
Oahu Real Estate DOM indicator has decreased for Condos to an average of 14 days for May from 15 for the same month last year. DOM for Single Family Homes has decreased to 14 days for May compared to 17 for last year (Luxury Home areas are still experiencing very large inventories – avg. 15.6 months from 17.9 a year ago of for homes over $1.9M – though somewhat decreasing, we are still in extreme Buyers Market territory for some of these Oahu Luxury Home neighborhoods).
For the detailed report with a breakdown by neighborhood please see: Oahu Neighborhoods Real Estate Statistics (May 2017 Data Available After June 15). Please note that the overall stats for Luxury Homes in Hawaii are very 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 how to decide whether you should renovate your existing home or move to a new one please check out my May Newsletter/Blog. June 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.