Oahu Market Update
What’s going on in Oahu’s Real Estate Market? Are you considering buying or selling a home? Hi Everyone, this is Fawn Bertram with Homes by Fawn and Hawaii Life Real Estate. Let’s look at the housing stats that the Honolulu Board of REALTORS® released. In Oahu, we have about 937 single-family homes and about 1887 condos/townhomes on the market.
Single-family home sales increased by 7.7% with 265 closed homes over last January, and for condos/townhomes, home sales increased by 16.3%, with 379 closed sales when compared to the previous year.
New listings on the market were down 18.9% compared to last year, the new listing volume in January 2019 was notably higher than any other January since 2009.
The medium sales price for single-family homes increased by 0.3% to $770k, and condos and townhomes increased by 7.5% to $429k from last January.
The median days on the market for single-family homes was 35 days. This is 8 days slower than last January and 33 days for condos and townhomes; this is 6 days slower compared to last January.
President of the Honolulu Board of Realtors
Let’s see what the President of the Honolulu Board of REALTORS®, Tricia Nekota said: “We continue to see a healthy real estate market with a moderate uptick in sales and a small increase in median days on market. Both single-family home and condominium sales were most active in the affordable to mid-range price categories, which is encouraging, especially for first-time homebuyers.”
Positive momentum in Oahu’s real estate market activity continues with a 12.6% year-over-year increase in total sales. About 41% of single-family home sales occurred in the $600,000-$799,999 price range. This price range also reflected a jump in sales volume at 19.8% or 18 more sales compared to January 2019.
The most substantial portion of condos/townhomes sales occurred in the $300,000-$499,999 price range, while a 51.7% increase in sales volume occurred in the $400,000-$599,999 price range.
Interest rates are still considerably low, and it’s a great time to speak with your lender. If you’re looking for a lender or would like to shop around, we would be happy to send you a list. Questions, please feel free to reach out or 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.