Oahu’s Housing Market
What is happening in Oahu’s Real Estate Market? Are you wondering if the market has slowed down due to COVID? 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 May, and then I am going talk about the real estate market now.
Oahu, Hawaii Market Update
In Oahu, we have about 855 single-family homes and about 1,992 condos/townhomes on the market. Single-family home sales decreased by 22.5% with 248 closed homes over last May and for Condos/Townhomes, home sales decreased by 51.2% with 254 closed sales when compared to the previous year. This is what we expected.
The medium sales price for single-family homes increased by 3.5% to $797k and for Condos and townhomes, it increased by 4.4% to $399k from last May.
The median days on the market for single-family homes was 13 days, this is 8 days faster than last year. For condos and townhomes, it was 23 days, this is 4 days faster compared to 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 year-over-year statistics are what we expected – the number of sales were down and median prices
remained relatively steady due in large part to lower than usual inventory and continued high demand.”
“As the state continues to reopen, we are already seeing a steady increase in activity that, in turn, helps to drive our local economy.”
What we’re seeing in today’s market is, inventory is still very low. Buyers are actively looking and homes are receiving multiple offers. It’s extremely competitive right now. Interest rates are still low. It’s a great time to reach out to your lender.
The market is changing quickly and if you would like more information or would like to know what’s happening in your neighborhood, please reach out. I would love to help. I hope you are all staying safe and healthy. Make it a great home buying and selling day.