What is happening in Oahu’s real estate market? Are homes moving just 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 August, and then I will talk about the real estate market now.
Oahu Real Estate Market
In Oahu, we have about 616 single-family homes and about 1,862 condos/townhomes on the market. Single-family home sales increased by 2.8%, with 370 closed homes over last August. For condos/townhomes, home sales decreased by 20.1%, with 409 closed sales compared to the previous year.
Absolutely stunning aerial view of the Honolulu city from a plane right next to the Pearl Harbor
Median Sales Price
The median sales price for single-family homes increased by 6.2% to $839k marking a new record-high compared to $790k last year. For condos and townhomes, the median sales price increased by 2.5% to $430k from last August.
The median days on the market for single-family homes was 15 days; this is 12 days faster than last year. For condos and townhomes, it was 23 days; this is one day slower 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.
“A lack of inventory coupled with high demand from buyers looking to capitalize on historically low-interest rates is driving a very competitive market for single-family homes on O‘ahu. This is an opportune time for sellers to list their properties as housing values continue to rise, and buyers are on the hunt for their forever homes.
Our members have reemployed new technology and shifted how we serve our clients to ensure we keep O‘ahu’s real estate market moving. We continue to observe strict social distancing, use of face masks, and sanitation to keep one another and our communities safe.”
Lanikai Beach as seen from above in Kailua, Oahu, Hawaii
What we’re seeing in today’s market is, we still have very low inventory. New listings for single-family homes were down 20% and condos and townhomes they were down 7.6% from last August.
For single-family homes, we’re in a highly competitive market, where many properties are experiencing multiple offers that are well above the asking price.
If you’re thinking about selling, now it’s a great time to list your home for sale. Properties are receiving multiple offers well above asking price. If the homes are staged, marketed, priced right, and is in the desired location, buyers are literally knocking on your door to schedule an appointment.
Interest rates are still incredibly low. If you’re thinking about purchasing a home, it’s a great 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 find their homes.
The real estate market changes quickly and if you would like to know what’s happening in a particular neighborhood, 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.