What is really happening in the real estate market in Oahu, Hawaii? Is the housing market still moving as fast as last month? Hi, I am Fawn Bertram with Homes by Fawn and Hawaii Life Real Estate. I’m going to first talk about the housing stats for November and then I am going talk about the real estate market now.
Oahu Real Estate Market
In Oahu, we have about 566 single-family homes and about 1,755 condos/townhomes on the market. Single-family home sales increased by 5.6% with 338 closed homes over last November. For condos/townhomes, sales decreased by 6.2% with 407 closed sales when compared to the previous year.
Almost every region across Oahu saw over-bidding activity. The number of single-family homes sold above the original asking price skyrocketed to 210.2% and 79.2% for townhomes and condos from last year.
Median Sales Price
The median sales price for single-family homes increased by 9.8% to $872,500 from last year. For condos and townhomes, the median sales price increased by 1.2% to $420k from last November.
Condos listed in the $500k to just under the $600k price range saw the largest gains, up 19% over last year. The median days on the market for single-family homes was 10 days, this is 13 days faster than last November. For condos and townhomes, it was 16 days, this is 10 days faster than the previous year.
President of the Honolulu Board of REALTORS®
Let’s see what the President of the Honolulu Board of REALTORS®, Tricia Nekota said.
“This seemingly new normal of buyers entering bids tens of thousands of dollars over asking price clearly reflects the urgent need for more housing.
Despite limited inventory, the high demand for housing is keeping Oahu’s real estate market strong and steady throughout the public health crisis.”
What we’re seeing in today’s market is, we still have limited inventory, and homes and condos are still receiving multiple offers over the asking price. New listings for single-family homes were up 10.8% and condos and townhomes decreased by 4.1% from the previous year.
The market is still moving quickly. We have low inventory on the island and buyers are quickly placing offers. Interest rates are still historically low.
Sellers, we’re in a hot real estate market with properties receiving offers in a matter of days. Inventory is down and we’re seeing the lowest interest rates in over 50 years which is making it the perfect storm. If you’re considering downsizing from a single-family home to a condo or townhome it’s a great market right now for you. Or if you’re considering selling a single-family home.
Buyers, now it’s the time to be pre-approved and have your A-game ready. Interest rates are incredibly low which means you have more buying power. The very first step to do is speak with your lender and start the pre-approval process now. If you don’t know who to contact, we would be happy to send you a list of top lenders in the area. Even in this competitive market, we have strategies to help buyers find their home and have their offer accepted.
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 help. 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.