The Oahu real estate sales numbers were released this week, and as many people predicted, there was a large drop in some numbers, especially in condo sales. There were some kind of pessimistic reports out there, but they are wrong.

The total number  of homes that sold was 245, down from 258 last year.  Only 303 condos sold in November, compared to 402 last year.

Why did Oahu condo sales drop so much?  Easy - last year at this time, the first time buyer credit was in full swing. Most of the first time buyers were condo buyers, so of course the numbers are back to normal. In November 2008, there were 195 condo sales, and in November 2009, there were 402!  So it seems the government program did work to get first time buyers into the market.

But here is what is important - Even though the sales dropped a lot in October and November, the year to date sales are still up for both homes and condos.  So far this year, 13.4% more homes have sold than last year, and 11.4% more condos have sold. 

 The median price of single family homes was basically unchanged at $585,000 compared to $590k last year.  The median price for condos roseabout the same amount, $315k compared to $310,500 last November. For the year, median prices are actually up just a bit to $595k for single family homes.

More interesting numbers

  • There are 22.5% MORE pending home sales right now than last year at this time even though last  year there was a government incentive.
  • It takes 42 days to sell a house, while last November it took 44 days.
  • Condos took 45 days to sell, while last year they took 31 days.  Before the Federal tax credit was available lasdt year, it was taking about 52 days to sell a house. 
  • Last month, home sellers last month got 96% of their list prices, compared to 93.9% a year ago.  
  • The Oahu Inventory of homes for sale dropped 7.5% to 1456 available listings.
  • There is a  6.1 month of inventory of Oahu homes for sale  
  • The number of pending sales over $1 million rose 51.5% since last year!
  • In Hawaii Kai, the median price rose 44%, from $848,500 up to$1,222,500!  
  • In Makiki, the median price rose 20.1% to $907,000!
  • North Shore median prices fell 46% (The California effect)