Oahu Hawaii Real Estate Statistics & Analysis
For your perusal here are the September 2017 (August Data) Oahu Hawaii Real Estate housing statistics courtesy of the Honolulu Board of Realtors – Hawaii Housing Stats – September 2017. Condo sales are the highest in over a decade. It is believed that higher single family home prices are partly driving the sales of alternatively more affordable condos. In Summary:
Overall Oahu Real Estate Sales have increased by 5.2% and 19.5% in August for Single Family Homes and Condos respectively compared to the same month last year. The YTD (Year-To-Date) data shows an overall sales increase of 3.8% for Single Family Homes along an increase by 6.2% for Condos compared to last year. The overall combined trend is upward.
Median Oahu Real Estate Prices have increased by 5.2% and 5.3% respectively for Single Family Homes and Condos compared to August last year while YTD median prices have increased by 3.7% and 3.2% respectively. The overall trend is upward (the notable exception would be the Hawaii luxury homes areas).
Oahu Real Estate DOM (Days on Market) indicator has stayed the same for Single Family Homes averaging 16 days for August in 2017, same as last year. DOM for Condos has increased to 18 days for August compared to 15 for last year. (Note that Luxury Home areas are still experiencing very large inventories – avg. 15.8 months from 18 a year ago 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 (Aug 2017 Data Available After September 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 and marketing strategies for both Buyers and Sellers – please check out my June Newsletter (focus on Buyers) and July Newsletter (focus on Sellers). August Newsletter showcased the Ward Village Condo devlopment! Please check it out and other months’ newsletter can be found on the Blog section of my website: hawaiidamon.com/blog
Please check out this site’s 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.