First of all, did you guys know recap is short for recapitulation?! I did not know that! I guess you learn everyday…haha!
As a part of my commitment to empower my clients, I will be publishing statistics and other data about the local real estate market here on O‘ahu. Hopefully, these insights help you better understand the market so you can make better personal decisions about real estate. Here’s last month’s stats…
Overall, November 2014 continues to see an odd balance of power on O‘ahu. On one hand, the number of units sold were down from November of last year in both the condo and single-family home markets. On the other hand, we saw an increase in both median and average pricing for both as values continue to rise. It’s a very interesting time in real estate, especially since (historically) sales are slower as Christmas gets closer.
For single-family homes, inventory dropped 10.7% from last month & 7.4% from last year. Number of sales also dropped vs. last month & last year (24.5% & 24%, respectively), but that could be due to the fact that there are only 1,096 available homes on the market (also down 7.4% from last year). Median prices are up to $719,500 (up 4.3% from last month), and average prices also rose to $974,012 (up 12.1% from last month).
Condos show the same types of numbers, starting with an inventory drop of 7.6% from last month (1,686 total units available). Average prices showed a drop over last month of 2.9% but are still up 8.3% vs. November last year. Median prices also fell 2.8% vs. last month, but like average prices, are up 3.9% vs. November 2013.
As the year comes to a close, the numbers show a strong 2014. Next month, I will recap December and 2014 overall!
*Please note, the stats provided are not guaranteed and are meant for reference only. If you need exact and verifiable information, please contact me directly.