2013 continues to be an improving year for Hawaii real estate, with numbers of sales and prices on the rise. This is good news for Oahu homeowners who suffered through the doldrums of the last several years.
After a dip in February to 207 closed sales, we have rebounded to our June high of 307. Houses are selling!
Probably of more interest to Hawaii homeowners is the rise in prices over the first six months of the year. Since January, the median price of sold listings has risen $88,500 to the June high of $678,500!
At the same time, the number of available homes for sale has risen steadily. It appears that homeowners, after years of waiting in the wings, have decided that this is a good year to sell. In June there were more than 300 homes on the market than there were in January.
The only area of concern right now is a sudden rise in Days-on-Market – the number of days it takes to sell a home on Oahu. We’ve bumped along all year between 50 and 60 days, but in June the number rose to 81. This may be an anomaly – something that will correct itself in the months to come – or it may be an indication that inventories have finally reached a point where buyers have a large enough selection from which to choose to allow them to take their time.
While not quite as dramatic, the news for the Hawaii Condominium market is also good.
After a spike in March, the number of closed condo sales has fallen back but continues to improve compared to the first of they year. Last month about 100 more condos were sold than in January.
After a dip in the first quarter, the median price for condos has risen dramatically and now stands at $355,000, about $6,000 higher than in January.
And, as with single family homes, condo inventories have continued to increase. There is a good selection of condos on the market now and with an uptick in construction, more are on the horizon.
For home seller: this is a good time to be on the market. Prices are rising and houses are selling. For buyers: this is not a time to hesitate. Not only are prices rising, interest rates are also on the way up. Every month that passes means less house that you can afford. Start that dream-home hunting project today by calling Help-U-Sell Honolulu Properties at (808) 377-1200.