August Market Update | Oahu, Hawaii
Real Estate Market
What’s going in Hawaii’s real estate market right now? Are the summer months heating things up? Is it the right time to buy or sell? Hi, I am Fawn Bertram with Homes by Fawn and Hawaii Life.
In Oahu, we have about 1,184 single-family homes and about 1,925 condos/townhomes on the market.
For new listings on the market, there was a positive increase in single family homes by 17.3% and for Condos/Townhomes by 16.9% from last July.
Median prices also increased moderately, setting new records in July. The medium sales price for single-family homes increased by 12.7% to $835k, passing the previous record set in September 2018 at $812,500.
Condos and townhomes increased by 2.2% to $461,500. This set new records, as it increased by 7.5% from July 2018 and topped the $435k high of March 2018.
The median days on the market for single-family homes was 17 days and 26 days for condos and townhomes.
President of the Honolulu Board of Realtors
Let’s see what Jenny L. Brady said who is the President of the Honolulu Board of REALTORS®.“This level of year-over-year sales increases was last seen in 2017. The rise in sales numbers demonstrates robust contract signings over the last few months as buyers actively worked with their REALTORS® to close on offers.
Lower mortgage interest rates may have enabled buyers to consider a slightly wider price range. A large portion of the year-over-year increases occurred at above-median price points. This July, there were 80 single-family homes that sold in the $900,000 to $1,199,999 price range, compared to 51 last year. For condominiums and townhouses in the $500,000 to $699,999 price range, there were 149 sold this July compared to 106 last year.”
There you have it, July’s housing market hit new records. Interest rates are incredibly low, and it’s a great time for both buyers and sellers. If you’re on the fence to buy, buyers have more buying power with the lower interest rates. Speak with your lender and see how much you’re pre-approved for and what your payments look like. Sellers, buyers are looking to buy right now. Prices are continuing to increase for home sales. Fawn Bertram with Homes by Fawn. As always feel free to reach out to me for anything Community or Real Estate related. Stay tuned or visit my website or Youtube channel with more helpful tips on the home buying and selling process. Make it a great home buying and selling day.