Is Oahu’s real estate market still sizzling? Are you thinking about jumping into this market? Hi, I am Fawn Bertram with Homes by Fawn and Hawaii Life Real Estate. Before you do anything, let’s talk about the housing stats for March, and then let’s talk about what is happening right now on the island.
Oahu Real Estate Market
In Oahu, we have about 434 single-family homes and about 1,329 condos/townhomes on the market.
Single-family home sales increased by 19.1% with 361 closed homes over last March. For condos/townhomes, home sales increased by 52.7% with 626 closed sales when compared to the previous year.
Median Sales Price
The median sales price for single-family homes increased by 17.3%, which set a new record of $950k from last year. For condos and townhomes, the median sales price increased by 3.7% to $451k from last March.
The median days on the market for single-family homes were 9 days; this is 6 days faster, and for condos and townhomes, it was 14 days, 9 days faster than the previous year. New listings for single-family homes increased by 12.6%, and for condos and townhomes, it increased by 17.2% from last March.
President of the Honolulu Board of REALTORS®
Let’s see what the President of the Honolulu Board of REALTORS®, Shannon Heaven said.
“Despite new listings, demand continues to outpace our limited housing inventory.
This lack of inventory is driving a very active and competitive market for prospective homebuyers on Oahu.”
What we’re seeing in today’s market is, it’s still a fierce market for buyers. We’re in a seller’s market. The low inventory of housing on the island, high demand to purchase a home, and low interest rates are making it a very competitive market.
Sellers, you’re in a great position if you have a home to sell. Since last March, home prices have nearly tripled. A little advice, don’t put your home on the market if you don’t have another place to stay. The reason, you may end up homeless or having to rent for a while until things cool down.
Buyers, this market is hard, and it will take a lot of patience. You’ll need to have an open mind, be ready to see a home as soon as it lists for sale and be prepared to submit an offer over the asking price with seller incentives added if it’s a home you truly want. Ask your agent for advice and guidance before you submit an offer. A good agent will walk you through the process of submitting a competitive offer.
Even in this competitive 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. If you’re looking to buy, sell, invest or learn about real estate, give us a call. Let’s go over strategies; we would love to hear about your story and help in any way that we can. 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.