The median price of Oahu single family homes rose in March from the previous month back to $600,000 for the first time this year. Sales continued to shrink from a year earlier.
Only 188 single-family home sales closed last month which was 33 percent less while Honolulu condo sales lost 36 percent.
The median price paid for a condominium rose 2.7 percent from the prior month to $305,000, but dropped 7.4 percent drop from the prior year's $329,300.
Oahu's real estate market is weaker than last year for last month, but seems to be picking up right now. I have several buyers in escrow and listings are getting a lot of calls and showings.
While interest rates are super low at about 4.5% and buyers perceive that the market has hit bottom.I have received a LOT of inquiries since Feb 1st.
The market may have hit bottom in about December. Remember that March numbers reflect buyers that went into escrow in mid to late January. The buyers who go into escrow this month will really drive this year's market, and those numbers won't show up until the May stats are released.