Oahu’s Real Estate Market
Is the market starting to change and cool off? What’s going on in Oahu’s Real Estate Market? In this video, we’re going to talk about Oahu’s Real Estate Market and we’re getting into it right now!
Hi everyone, this is Fawn Bertram from Living in Oahu Hawaii If this is your first time on 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. So let’s talk about the market. In Oahu, we have about 438 single-family homes and about 1,163 condos/townhomes on the market.
Single-family home sales increased by 8.4% with 424 closed homes over last September. For condos/townhomes, home sales increased by 34.9% with 615 closed sales when compared to the previous year.
Median Sales Price for Oahu Homes
The median sales price for single-family homes increased by 19.3% to $1,050,000 and For condos and townhomes, the median sales price increased by 7.4% to $478k from last September.
The median days on the market for single-family homes remained the same at 9 days on the market, and for condos and townhomes it was 11 days, this is 10 days faster than the previous year. New listings for single-family homes were up by 12% and for condos and townhomes, it also increased by 28.1% from last September.
President of the Honolulu Board of REALTORS®
Let’s see what the President of the Honolulu Board of REALTORS®, Shannon Heaven said.
“We’re seeing a slight decrease in total sales month-to-month as families focus on the return to the school year and prepare for the holiday season, which is typical for this time of the year.
Despite the modest dip in market activity, the majority of homebuyers continue to bid over the asking price in the hopes of securing a property to call home.”
Oahu Home Sellers
Sellers, the market is still moving very quickly and our inventory is still low on the island. Home prices continue to increase and the demand is strong. You’re in a great position to list your home for sale if the time is right for you. Homes being listed for sale are usually receiving multiple offers, over the asking price, in a matter of days if it’s priced and staged right. If you’re considering selling, let’s discuss what your goals are and go over what your home is really worth.
Buyers Looking for Oahu Real Estate
Buyers, I know it’s hard out there. Continue being patient and don’t give up. Many buyers have left the market out of frustration. Right now though, it may be the perfect time for you. Remember patience is still the key if you’re looking to buy, it is so important you 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. Do 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.
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.