It’s official. The summer selling season is off to a hot start. Below are some highlights from the most recent Coldwell Banker Pacific Properties Market Update.
Neighborhoods are hot. Homes are selling fast, they are selling for more than their asking price, and for more than they were selling for last year.
- In some neighborhoods, the Median Sales Price has increased by more than 20% from the same period a year ago — as was the case in April in two Oahu single-family markets and in seven condo markets! (Note: the Honolulu Board of Realtors® breaks Oahu down into 21 neighborhoods)
- Some sellers are getting at least 100 percent or more of their asking price — as was the case in four single-family neighborhoods and 10 condo neighborhoods.
- In some hot neighborhoods, contracts are being accepted on new listings in less than 10 days on the market — which is the case in three condo and three single-family markets on the island.
In particular, the entry-level condo market is hopping.
- In the Ewa Plain, for example, there was a 61% increase in listings, up from 33 new listings a year ago to 53 in April — meaning more inventory for buyers to choose from.
- The median sales price was up 24% in that area, from $297,500 a year ago to $370,000 this year, a sizable jump and evidence of a healthy demand as well, and many sellers were receiving offers of 100% of their asking price.
The number of closed sales in May shows demand continues to be strong.
- There were 305 single-family homes that closed in May, a 14.7% increase from stats gathered a year ago.
- Condo sales were also up 1.1% from last year.
With inventory rising in both single-family and condo segments of the market, effectively offering more top-notch listings to choose from, properly priced listings are selling in high numbers, and in many neighborhoods for 100% of the asking price or higher. Demand is most definitely keeping up with the increase in supply.
- The Median Sales Price of a single-family home on Oahu jumped significantly to $682,000 in May. This represents an 8.3% increase over the $630,000 MSP in May of 2013, and marks the 11th consecutive month of price gains, according to the Honolulu Board of Realtors®.
- Condo prices up 12.7% from last year to an MSP of $355,000 in May.
Click here to read the full report.