Oahu’s Real Estate Market
This blog will answer all of your questions about the Oahu Real Estate Market and if it’s time to buy or sell.
Hi everyone, this is Fawn Bertram from Homes by Fawn. If this is your first time in this channel and you want to know everything about living, working, shopping, dining, and playing in Oahu then click that subscribe button and bell so you’re notified when new video content is released.
My team and I are receiving calls daily from people like you who are moving or relocating to Hawaii.
Homes on the Market
So let’s talk about the market. I’m here to talk about how much time it takes for houses to sell now that the market has slowed down. What, no. So there are some people out there who think that because some house prices have gone down or because inventory has risen, that the housing market is cooling off. Not so fast let’s look at the numbers!
In Oahu, we have about 452 single-family homes and about 1,165 condos/townhomes on the market.
Single-family home sales increased by 10.4% with 381 closed homes over last October. For condos/townhomes, home sales increased by 27.3% with 611 closed sales when compared to the previous year.
Median Sales Price for Oahu Homes
The median sales price for single-family homes increased by 15.6% to $1,000,000 and For condos and townhomes, the median sales price increased by 13.8% to $500,000 from last October.
The median days on the market for single-family homes remained the same at 10 days on the market, and for condos and townhomes it was 11 days, this is 7 days faster than the previous year. New listings for single-family homes were down by 1.1% and for condos and townhomes were up by 8% from last October.
President of the Honolulu Board of REALTORS®
Let’s see what the President of the Honolulu Board of REALTORS®, Shannon Heaven said.
“The market appears to be holding steady, and the increase in closed sales for all properties is a welcome sign that Hawai‘i families are getting their offers accepted and moving into their
Homeownership is about much more than simply owning a home. It poses many benefits including building equity and generational wealth and reaping the benefits of tax deductions and deductible expenses.”
Oahu Home Sellers
Sellers, the market is still in your favor. The low-interest rates are fueling the demand. The Oahu real estate market is still competitive for buyers so it makes sense to stay competitive on price and flexible on negotiations. The market is still moving quickly and our inventory is still low on the island.
Home prices nationwide have increased 19.7% annually according to the S&P Corelogic Case-Shiller index. You’re in a great position to list your home for sale if the time is right for you. If you’re considering selling, let’s chat and see how much your home has increased in value this last year.
Buyers Looking for Oahu Real Estate
Buyers, keep pushing through. Continue being patient and don’t give up. Remember patience is still the key if you’re looking to buy, it is so important you work with an agent that is hyper-local. They will be your best resource in the area and be able to give you invaluable information.
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 is constantly changing and if you would like more information or would like to know what’s happening in a particular neighborhood in Oahu, please reach out.
Now if you want more information about buying or selling a home in Hawaii, we have people reaching out to us every single day and we absolutely love it.
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.