What is happening in the Oahu Real Estate Market? Is the housing market still on fire? 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 October, and then I am going to talk about the real estate market now.
Oahu Real Estate Market
In Oahu, we have about 610 single-family homes and about 1,789 condos/townhomes on the market. Single-family home sales decreased by 0.6% with 345 closed homes over last October. For condos/townhomes, home sales increased by 1.7% with 480 closed sales when compared to the previous year. This jump in sales activity is the first year-over-year sales increase for the condo and townhome market since January.
Median Sales Price
The median sales price for single-family homes increased by 10.9% to $865k from last year. For condos and townhomes, the median sales price decreased by 0.3% to $439,500 from last October.
The median days on the market for single-family homes was 10 days; this is 13 days faster than last October. For condos and townhomes, it was 18 days; this is 8 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.
“The O‘ahu real estate market has remained competitive even amid the pandemic as the lack of inventory paired with low-interest rates continue to drive demand.
While virtual home tours, scheduled showings, and enhanced health and safety protocols have allowed us to continue serving buyers and sellers, the stats clearly indicate the ongoing need for more housing inventory.”
What we’re seeing in today’s market is that we still have very low inventory. As a result, homes and condos are receiving multiple offers over the asking price. New listings for single-family homes were down 17.6%, and condos and townhomes increased by 1.7% 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 incredibly low. Buyers have more buying power.
I’ve been asked by a lot of sellers, is it the right time to sell. That depends. Have you secured another home? The market right now is hot, and if you don’t have another place to live, you may end up homeless. Which no one wants. On the other hand, if you do, it’s an opportune time to list your home for sale. Get ready and hang on for the ride.
Buyers, it is imperative you are pre-approved and ready to go if you plan on purchasing a home in this crazy market. Interest rates are unbelievably low. Speak with your lender and start the pre-approval process now. 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 secure 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. 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.