Oahu Real Estate Sales Activity – July 2015

Below is the sales activity for the month of July 2015 compared to the same month last year. This covers resale homes for Honolulu County (Oahu) and does not include new construction homes.

Single Family Home sales volume and prices and showing a slow steady increases from this time last year. Homes in the lower price ranges have seen brisk sales. Sales volume is up and prices of those homes are up. Many homes are getting multiple offers. The number of new listings have started to show some increases. Low interest rates continue to allow buyers to qualify for higher priced homes than they would normally be able to buy and they are taking advantage of it while they can. We are seeing more sellers entering the market as their home values have come up to appoint where they want to sell.

Condos and townhouses are seeing similar patterns as single family homes in the sales volume and numbers of new listings. Although the prices are somewhat flat. In some areas and types of condos we are still seeing brisk activity, accompanied with price increases.

On Oahu, there is still an overall shortage of housing units. The number of new listings each month although increasing is not keeping up with the overall demand. Parts of the island like the planned communities are still seeing heavy competition for entry level homes.

In areas near military bases we saw a strong summer due to a lot of military rotations. About half of the annual rotations happen during that period, when the children are out of school. Many civilian families also make their move during that same period, for the same reasons.

Single Family Home Resales

Condos/ Townhouse Resales

*Median price means half the prices were above and half below the given price. Data was taken from the Honolulu Board of REALTORS® MLS system. It is deemed to be accurate, but not guaranteed.