What’s going on in Oahu’s real estate market? Are homes selling just as fast as last month? Hi, I am Fawn Bertram your local real estate agent in Oahu. Before you do anything, let’s talk about the housing stats for May, and then let’s talk about what is happening right now on the island.
Oahu Real Estate Market
In Oahu, we have about 431 single-family homes and about 1,132 condos/townhomes on the market.
Single-family home sales increased by 63.3% with 405 closed homes over last May. For condos/townhomes, home sales increased by 135.4% with 598 closed sales when compared to the previous year.
Median Sales Price
The median sales price for single-family homes increased by 22.7% which set a new record of $978k from last year. This broke the previous record of $950k set in March 2021. For condos and townhomes, the median sales price increased by 14.7% to $457,750 from last May.
New records were made for median days on the market. Single-family homes saw 8 days on the market, this is 5 days faster, and for condos and townhomes it was 12 days, this is 11 days faster than the previous year. New listings for single-family homes were up by 24.6% and for condos and townhomes it also increased by 34.2% from last May.
President of the Honolulu Board of REALTORS®
Let’s see what the President of the Honolulu Board of REALTORS®, Shannon Heaven said.
“The market’s rapid pace is showing no signs of slowing, and buyers entering the market continue to face stiff competition, especially for homes under $800,000.
One property received 60 offers within one week of being listed, which is a clear indication that O‘ahu is in desperate need of more affordable homes.”
Sellers, the market is still hot and is moving incredibly fast. We continue to see low inventory on the island and the demand is strong. You’re in a great position to list your home for sale as prices continue to hit new record highs on Oahu. Homes being listed for sale are usually receiving multiple offers, over the asking price, in a matter of days. If you’re considering selling, let’s discuss what your goals are and go over what your home is really worth.
Buyers, patience is still the key if you’re looking to buy. Be prepared to place multiple offers on several properties. Work with an agent that knows the market and area well. They will be your best resource in writing a competitive offer.
Even in this crazy market, we have strategies to help you with getting your offer accepted. If you want to know how, contact us.
The Real Estate market changes quickly and if you would like more information or would like to know what’s happening in a particular neighborhood in Oahu, please reach out. If you’re looking to buy, sell, invest or learn about real estate, give us a call. Let’s go over strategies, we would love to hear about your story and help in any way that we can. For more information, visit my Youtube channel with more helpful tips on the home buying and selling process. I’m Fawn Bertram with Homes by Fawn and Hawaii Life Real Estate. Make it a great home buying and selling day.