The median sales price for single family homes started off this year just under 630k in January. It hit a year high this summer at 700k in June. Last month it, dipped again to 650k. 

2014 Median Sales Prices on Oahu SFH

Year Low: January ($629,500)
Year High: June ($700,000)
Last Month: August ($650,000)  


What accounts for the dip? A slight drop in real estate activity after the busy summer months is to be expected. Buyers with families typically aim to get settled into a new home before the school year starts. In the last three years, median prices on single family homes took a dip in autumn before rising again in the winter. This trend can be seen in the chart below:


Median Sales Prices on Single Family Homes (Oahu)

 

Midyear Peak

 Autumn Low

Winter Peak

2014     

$700,000 (Jun.)

$650,000 (Aug.)

          ?

2013

$677,250 (Jun.) 

$647,000 (Jul.)

$685,000 (Dec.)

2012

$664,000 (May)

$609,000 (Aug.)

$640,000 (Dec.)

2011

$595,000 (May)

$557,500 (Aug.)

$605,000 (Dec.)


In two out of the last three years, the median price in the winter exceeded the previous summer high. While we can't say with certainty that the median prices this December will be higher than $700k, it's a safe bet to say that it will be higher than last August's $650k. 

In spite of the slight drop last month, median year-to-date sales (January-August) are up 4.1% from last year.   

“August was an interesting month for the Oahu housing market,” said Julie Meier, president of the Honolulu Board of REALTORS®. “This remains a very healthy market, as evidenced by the fact that the average single-family home was on the block for only 15 days before being sold. Also noteworthy is the fact that inventory of both single-family homes and condos is climbing, which will help the market meet demand.”

Although Oahu home prices are still on the rise, the savvy buyer may find an advantage during the autumn dip.