I know you’ve probably all heard, the Oahu real estate market is crazy right now, but is it really? What does that mean exactly? Is it a good time to buy or sell a home? 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 February, and then I am going talk about the real estate market now. Let’s get into it.
Oahu Real Estate Market
In Oahu, we have about 434 single-family homes and about 1,188 condos/townhomes on the market.
Single-family home sales increased by 5.3% with 260 closed homes over last February. For condos/townhomes, home sales increased by 41.1% with 446 closed sales when compared to the previous year.
Median Sales Price
The median sales price for single-family homes increased by 19.9%, which set a new record of $917,500 from last year. For condos and townhomes, the median sales price increased by 6.4% to $457,500 from last February.
The median days on the market for single-family homes was 9 days, this is 26 days faster, and for condos and townhomes, it was 18 days; this is 16 days faster than the previous year. New listings for single-family homes were down 19.3%, and for condos and townhomes, it decreased by 2.5% 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.
“Demand for limited inventory and increased purchasing power through low-interest rates has placed sustained upward pressure on prices.
While the record-setting median price and pace are good news for sellers, it creates a challenging environment for buyers who are up against the tough competition.”
What we’re seeing in today’s market is, it’s about the same as last month. It’s a very competitive market with high demand for housing with low inventory. Interest rates are still historically low, which means buyers have more purchasing power.
The Oahu real estate market is tough and challenging for buyers due to multiple offers being placed on a home. The market is strong for sellers because of the low inventory on the island.
Sellers, we’re starting to see a little buyer fatigue. Buyers are placing multiple offers on multiple properties in hopes of having an offer selected. The offers are extravagant and are usually thousands of dollars over the asking price.
Once the buyer finds out their offer is selected, they change their mind because they were hoping for another home. It’s very important to review all offers and speak to your agent in depth. Your agent should have insight knowledge and should be calling the buyer’s agent and lender to see how serious the buyers are.
Buyers, this market is fierce and aggressive. You’ll need to have an open mind and be ready to submit an offer as soon as you see a home you’re interested in.
Before even looking, you must be pre-approved and ready to go. I can’t stress this enough; the market is moving too fast right now. If you haven’t contacted a lender yet, it’s time to do so.
If you don’t know who to contact, we’ll be happy to send you a list of top lenders in the area.
2nd when submitting an offer, be prepared to submit your best and final offer. With multiple offers being received per listing, we’ll need to go in strong.
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.