Oahu Real Estate Sales Activity – June 2015

Oahu real estate sales activity - June 2015

Below is the sales activity for the month of June 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 would appear to be leveling from the numbers below. They do not tell the complete story. 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. Whiles sales volume is up from last year, the numbers of new listings are down, which will place even more pressure on prices. Higher priced homes are still selling, but at a slower rate, causing the median and average prices to be flat. 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.

Condos and townhouses are seeing similar patterns as single family homes. Sales volume is up versus the same time last year. New listing are not keeping up with the sales volume. Median and average prices are down, but we are seeing a similar pattern as single family homes. Lower price condos and townhouse are moving at a faster rate than the higher priced ones. Prices are climbing in most areas in lower to medium price ranges, but not as fast as single family homes.

On Oahu, there is still an overall shortage of housing units. The number of new listings each month is not enough to take the pressure off supply shortages. The numbers are a little misleading. Homes of the same type are increasing faster than the averages, but with many first time buyers entering the market the volume of lower priced homes is increased skewing the data a little. Parts of the island like the planned communities are seeing more competition for entry level homes.

In areas near military bases we are seeing increased activity due to a lot of military rotations. The summer months are PCS season. About half of the annual rotations happen during that period, when the children are out of school. Many civilian families make their move during that same period, for the same reasons.

Single Family Home Resales

Month # Sales Median Price Avg. Price
June 2015 324 $700,000 $858,986
June 2014 303 $700,000 $890,425

Condos/ Townhouse Resales

Month # Sales Median Price Avg. Price
June 2015 500 $338,500 $380,493
June 2014 411 $360,000 $442,484

*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.

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