Oahu Market Update
How is Oahu‘s real estate market? Are you on the fence to buy or sell? Hi, I am Fawn Bertram with Homes by Fawn and Hawaii Life Real Estate, and let’s look at the numbers to see what is going on in the market. In Oahu, we have about 916 single-family homes and about 1848 condos/townhomes on the market.
Single-family home sales increased by 19.3% with 309 closed homes over last December, and for condos/townhomes, home sales decreased by 2.7% with 428 closed sales when compared to the previous year.
For new listings on the market, there was a decrease in single family homes by 2.7%, and for condos/townhomes, it increased by 10.1% from last December.
The average sales price for single-family homes increased by 4.1% to $820k, and condos and townhomes increased by 6.8% to $425,500.
The median days on the market for single-family homes was 18 days. This is 12 days faster than last December and 30 days for condos and townhomes; this is 5 days slower compared to last December.
President of the Honolulu Board of Realtors
Let’s see what the President of the Honolulu Board of REALTORS®, Tricia Nekota said.
“In 2019, we saw a steady and stable market with more active listings, slightly more days on market and median prices remaining relatively flat compared to 2018.
These conditions, paired with low interest rates and favorable economic conditions continuing to drive healthy market activity, create an advantageous environment where buyers have purchasing power and sellers have more potential buyers for their properties.”
Here is Oahu, our market remains strong and steady. We’re still in a balanced market which is great for buyers and sellers. Interest rates are still low and it’s a great time to speak with your lender. If you have any questions, please feel free to reach out. Feel free to call me anytime, 808-439-1077. Please comment, LIKE 👍and SHARE 🤗with anyone you know that might be looking to buy or sell in Oahu! Don’t forget to subscribe to my YouTube channel and click on the notification bell. I’m Fawn Bertram with Homes by Fawn. I’m here to provide you with a smarter approach to real estate. Make it a great home buying and selling day.