Here is what I am seeing in the Oahu real estate market on a day to day basis: Inventory is low and finding a good property is difficult. Properties that come on the market at a good price go fast and often with multiple offers. Prices aren’t being driven up quickly, but they are increasing. When priced right, they are gone within days.
Single Family Home and Condominium Statistics on Oahu
Comparing May 2012 to May 2011, single family home sales volume by units stayed the same at 243 units sold, but median price increased from $595,000 to $664,000 – that’s an increase of 11.6%.
Condominium sales volume by units increased from 330 units sold in May 2011 to 371 units sold in May 2012. Median price of condominiums also increased from $290,000 to $300,000. This is a positive sign for Oahu’s real estate marketing heading into our busy summer season.
Oahu’s Market is Beneficial For Both Buyers and Sellers
We are also seeing the days on market staying very short at 28 days for single family homes and condominiums at just 32 days. These are all strong signals of a strengthening market, which is good for both buyers and sellers. Sellers are able to sell quickly with limited competition while buyer continue to enjoy historically low interest rates due to the national markets continuing struggle.
It is a great time for Oahu real estate.