We are still experiencing large year-over-year increases in number of sales, days on market, and median sales price for condos and single family homes on Oahu. However, there has been a slight slow down over the past few months. Still, the market remains highly favorable towards sellers. Since June, there has been a steady decline in the number of months supply for the Oahu real estate market. Last month there was a slight dip in new listings and there is currently only 1.6 months of supply, down 55.6% when compared to this time last year.
Compared to August, there were slight dips in sales last month for single family homes and condos. However, we continue to see year-over-year growth in the number of sales. For single family homes there were 424 sales, an increase of 8.4% when compared to this time last year. 615 condos sold in September, an increase of 34.9% when compared to this time last year.
The average days on market for Oahu listings remains low at 10 days for single family homes and 12 days for condos. This represents a decrease of average DOM for single family homes by 27% and 43% for condos when compared to this time last year.
The median sales price remained at $1,050,000 for the second month in a row last month, a year-over-year increase of 19.3%. Over half of all homes that sold on Oahu last month were price over $1,00,000. For condos, the median sales price was $478,000, an increase of 7.4% when compared to this time last year. HI Central reports that about 67% of single family homes sold for above asking price, and about 40% of condos sold above ask last month.