Curious About the Latest Report on Oahu’s Real Estate Market? Let’s Take a Look!
Oahu’s housing market seems to be holding healthy and strong in February. Single-family home sales performed strongly again with a healthy increase of 18.8%, while condo sales took a slight dip of 1.6%.
The median sales price for a single family home is set at $765,000. Homes in mid-range prices were doing extremely well, accounting for 55% of the sales last month, while the majority of the total 135 sales occurred in the Ewa Plain region, followed by Waipahu and Central Oahu areas.
Meanwhile, the median sales price for condominiums is set at $430,000, which is a 3.6% increase from this time last year. Though median condo sales prices continue to thrive, more than 75% of the condos sold last month closed below the original asking price.
Now let’s talk about mortgage interest rates that continue to dip down with this week’s average 30- year fixed-rate mortgage falling to a record low of 3.29%.
So if you’re planning to buy, NOW is the time! And if you’re thinking about selling, now is the perfect time also, since you’ll have a larger pool of buyers that are able to pay more for your home.