As we approach the summer selling season, sales prices continue to increase. Median Sales Prices have had 10 consecutive months of price gains. More Sellers are making the decision to put their homes on the market, with an increase of single-family listings of 1.5%, and an increase of new condo listings of 6.8% compared to a year ago.
During the first four months of 2014, 929 single-family homes were sold, as compared to 955 sales in the same 4-month period of 2013- a decrease this year of 2.7%. Condominium sales volume is also down slightly- form 1,456 during the first four months of 2013 to 1,438 this year. Showing low inventory conditions from previous months.
Some neighborhoods around the island saw an increase in closed sales. In Hawaii Kai, for example, when comparing closed sales data from a year ago, the number of closed sales was up 171%. The Median Sales Price in Hawaii Kai also saw dramatic increases, from $795,000 a year ago to $1,107,000 in March of 2014.
Some forecasters predict the median price of single-family homes island wide will approach $700,000 this year.
April statistics show overall price gains in both the single-family and condo segments of the market- up 3.7% and 6% respectively.
Year-to-date stats are also up- 5.7% to $650,000 for a single-family home, and up 3.8% to $345,000 for a condominium.
Certain single-family neighborhoods were so active that they received a median sales price at or over their asking price. The strongest neighborhoods were Kailua-Waimanlo (100.6% over asking), Hawaii Kai (100% of asking), Makiki-Moiliili (110.5% over asking), North Shore (103.3% over asking), Ewa Plain (100% of asking), Mililani (100% of asking).
Additionally, certain condo neighborhoods also had median sales prices at or over thier asking prices. They include: Kailua-Waimanalo (100.7% over asking), Kapahulu-Diamond Head (109.3% of asking), Hawaii Kai (100.2% of asking), Kaneohe (100% of asking), Makiki-Moiliili (103.8% of asking), Pearl City-Aiea (100% of asking), Makakilo (100%).
Please feel free to contact me if you would like a closer look at a specific neighborhood market trend, or specific property research.