Is the Oahu real estate market still on fire? Is it really moving as quickly as before? Are you wondering if you should buy or sell a home in this faced paced market? 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 January, and then I am going talk about the real estate market now.
Oahu Real Estate Market
In Oahu, we have about 473 single-family homes and about 1,472 condos/townhomes on the market.
Single-family home sales increased by 9.8%, with 291 closed homes over last January. For condos/townhomes, home sales increased by 3.4%, with 392 closed sales when compared to the previous year.
Median Sales Price
The median sales price for single-family homes increased by 14.7%, which set a new record of $883k from last year. For condos and townhomes, the median sales price increased by 5.4% to $452k
from last January.
The median days on the market for single-family homes was 9 days; this is 26 days faster than last January, and for condos and townhomes, it was 18 days; this is 15 days faster than the previous year. New listings for single-family homes were down 14.7%, and condos and townhomes decreased by 5.3% from the previous year.
President of the Honolulu Board of REALTORS®
Let’s see what the President of the Honolulu Board of REALTORS®, Shannon Heaven said.
“With numerous buyers entering bids over asking price, a significant decline in new listings, and historically-low interest rates, homes are flying off the market.
The best thing you can do if you’re interested in entering this highly competitive market is to work with a trusted REALTOR®, who can apply crucial market expertise and guide you through the process to put your best offer forward.”
What we’re seeing in today’s market is it’s a highly competitive market. Oahu’s home sales are up, and the demand for housing is strong.
The market is fierce and not for the faint of heart. There are still more buyers in the market than sellers. We have low inventory on the island, homes are receiving multiple offers, and interest rates are still historically low.
Sellers, we’re in a strong real estate market. Homes being listed for sale are receiving multiple offers over the asking price, usually in a matter of days. If you’re considering selling, let’s discuss what your goals are before you make that leap. You’re in a great position though if you are, as home prices continue to hit new record highs in Oahu.
Buyers, I’m going to be frank — it’s not going to be easy. With the number of buyers looking to buy a home, limited supply of housing, be prepared to put in numerous offers on several properties.
First, you must be pre-approved and ready to go. I can’t stress this enough. If you haven’t contacted a lender yet, it’s time to do so. We would be happy to send you a list of top lenders in the area.
Second, when submitting an offer, be prepared to submit your best and final offer. With multiple offers being received per listing, there’s no time to waste. We’ll want to go in with your strongest offer and present that to the sellers. 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.