Oahu Real Estate Sales Activity – September 2015

September 2015 Oahu Real Estate Sales Activity

Below is the sales activity for the month of September 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 increases from this time last year with the numbers bouncing up and down from month to month. Homes in the lower price ranges continue to see brisk sales. Many homes are still getting multiple offers. 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. With the new federal guidelines for lenders, we may see some temporary delays in getting escrows closed for the next couple of months.

Condos and townhouses are seeing similar patterns as single family homes in the sales volume and numbers of new listings. Although the prices have increased, but at a slower rate than the single family homes. 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 still up from last year 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 very strong summer due to a lot of military rotations. Surprisingly we are still seeing brisk activity in those areas.

Single Family Home Resales

Month # Sales Median Price Avg. Price
Sep 2015 329 $730,000 $866,732
Aug 2015 344 $699,000 $844,596
Sep 2014 318 $678,500 $865,924

Condos/ Townhouse Resales

Month # Sales Median Price Avg. Price
Sep 2015 480 $366,000 $427,659
Aug 2015 428 $354,000 $410,794
Sep 2014 415 $347,000 $421,721

 *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.

Speak Your Mind