This July’s real estate report pulls back the curtain on several unique trends taking place in markets across Oahu. Despite sales trending down 11.7 percent for single-family sales and down 7.9 percent for condominium sales compared to the same period last year, several key factors show an active real estate market.
“The fact that single family homes and condominiums sales remain active will be music to the ears of Honolulu real estate buyers and sellers,” said Joe Segal, Prudential Locations online marketing manager.
As the temperature continued to rise so did the median price for single family homes, which in July was at its highest this year. Defying trends, the median price for single family homes and condominiums in the Oahu real estate market remained stable, decreasing slightly by 2.1 percent and 3.8 percent respectively.
Despite this, home sales continue to move at a high clip as demonstrated by low days on market (DOM) and inventory. This month’s DOM – otherwise known as the number of days that a home is available before being sold – remained low, averaging a brief 36 days for both single family homes as well as condominiums.
“For those who are looking there are great opportunities, particularly in the condominium market, if pricing continues as forecast,” added Segal. “For information on neighborhood-specific activity and data, please contact one of our Prudential Locations’ real estate agents.”
In addition to 30 featured areas, Prudential Locations’ monthly reports also track real estate data for more than 300 neighborhoods across Oahu, highlighting various trends and activity. For additional information on sales activity in a specific area or neighborhood please visit our full list of Hawaii real estate listings.