What is happening in the Oahu real estate market? Have you been hearing how crazy this market is? 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 September, and then I am going to talk about the real estate market now.
Oahu Real Estate Market
In Oahu, we have about 604 single-family homes and about 1,848 condos/townhomes on the market.
Single-family home sales increased by 12.7%, with 391 closed homes over last September. For condos/townhomes, home sales decreased by 2.1%, with 456 closed sales when compared to the previous year. This decrease is about 10 fewer homes sold.
Median Sales Price
The median sales price for single-family homes increased by 13.3% to $880k, hitting a new record-high compared to $777k last year. For condos and townhomes, the median sales price stayed the same at $445k from last September.
The median days on the market for single-family homes was 9 days; this is 20 days faster than last year. This also broke a new record for the month of September. For condos and townhomes, it was 21 days; this is 6 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 spike in demand for single-family homes may correlate to buyers’ pursuing a different quality of life and a new environment following the sharp shift in people working from home.
Ultimately, the COVID-19 pandemic has changed how buyers think about purchasing a home, causing them to reevaluate their housing goals and priorities.”
What we’re seeing in today’s market is, we still have very low inventory. New listings for single-family homes were down 39.9% and condos and townhomes they were down 5.8% from last September.
The demand for single-family homes is outpacing condos and townhomes. Right now, the market is moving so quickly. What we’re seeing is, when a single-family home lists for sale, agents will usually show the home within the first few days with scheduled appointments. After that, offers are due by a certain date and time. If you’re not ready to go, pre-approved, you don’t hold a chance. Sellers are receiving multiple offers over the asking price with incentives.
What I mean by the incentives is, for example, removing the appraisal contingency, buyers offering to pay for the termite inspection, condo docs, survey, and more. Buyers are presenting their best and final offers making it a very competitive market.
If you’re thinking about selling and have secured another home, now it’s a great time to list your home for sale. We’re in a hot market, low inventory, homes are receiving multiple offers, over asking within a few days. A seller tip when showing, make sure your home shows in its best light. Keep on all lights, A/C on, doors open, and linen closets partially opened.
Buyers, it’s time to get serious and put your game plan in action. Interest rates are still incredibly low. If you’ve decided to make the leap and purchase a home, now it’s the time to reach out to
your lender. If you don’t know who 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 homes 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. 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.