Honolulu Board of Realtors, Multiple Listing Service, charts for Oahu, Hawaii, single family homes and condominiums, depicts monthly data from August 2013 through August 2014.
For Single Family Homes, the median sales price (-2.3%), the average sales price (-4.7%), and closed sales (-11.7%) are down but houses are spending less time on the market (15 days). Considering that sellers are receiving nearly 99 percent of the list price, house listing prices are not undervalued or overinflated. While inventory is being absorbed by pending sales (10.8%) for now the number of active listings (1,263 listings) is up from August 2013.
For Condominiums, the average sales prices (-6.4%) and number of closed sales (-3.5%) are down and the median sales price remains unchanged. Condominiums are spending more time on the market (23 days) with the median days on market (21.1%), months of inventory (3.3 months), and number of active listings (1,815 listings) all increased from August 2013. But the number of new condominium listings is down nearly 11 percent and sellers are receiving their list price and sometimes more than their list price.
For more information on this report, to find out what’s happening in the market today, or a more long-term perspective talk with a local Realtor.