For your perusal here are the December 2016 housing statistics for Oahu courtesy of the Honolulu Board of Realtors Hawaii Housing Stats Dec 2016. In Summary:
Overall sales have increased by an incredible 14.8% in December for single family homes and 23.8% for condos compared to December last year. The YTD (Year-To-Date) stats show overall sales gains of 6.5% and 8.4% for Single Family Homes and Condos respectively compared to last year. The trend is upward.
Median prices have increased by 4.3% and 1% respectively for single family homes and condos compared to November last year while YTD median prices have increased by 5% and 8.3% respectively. The trend is upward (the notable exception would be the luxury home areas).
DOM (Days-on-Market) indicator has decreased significantly for condos to an average of 18 days for December from 24 for same month last year. DOM for single family homes has decreased to 18 days for December compared to 20 for last year.It is a Sellers Market whereas Sellers should see this as a good time to sell which should cool off pressure on inventory and prices (the notable exception would be the Luxury Home areas where DOM is increasing thus entering extreme Buyers Market territory in some neighborhoods).
For the latest individual neighborhood stats courtesy of the Honolulu Board of Realtors use the following link Neighborhood Stats Dec 2016. Note that the overall stats for Luxury Homes in Hawaii are starkly different from that of the Median Home Areas whereas Luxury Home inventory is high causing downward pressure on prices in those neighborhoods i.e. Buyers Market (Median Home areas are Sellers Markets).
Hot Tip If you are thinking of upgrading to a Luxury Home from a Median Home, now would be a great time to sell your current home and upgrade to a Luxury Home neighborhood. Please call me for details.
For more information about whether your neighborhood is in a Buyers or Sellers Market (or if you are a Buyer the neighborhood you are interested in) please check out my previous blog/newsletter here: Buyers or Sellers Market? Absorption Rate is the Key .
For more analysis of what all this means for Real Estate in Hawaii in 2017 including tips for choosing the right Realtor, please check out my January Newsletter/Blog.