July’s Market Update
Thinking about selling or buying a home in this summer? Do you want to know what’s going in Hawaii’s market right now? Hi, I am Fawn Bertram with Homes by Fawn and Hawaii Life.
Oahu’s Housing Market
In Oahu, we have about 1,187 homes and about 1,924 condos/townhomes on the market. Inventory is still up island wide. For new listings on the market, there was a positive increase in single family homes by 16.7% and for condos/townhomes by 13.8% from last June.
The medium sales price for single family homes increased by 2.3% to $800k and for condos and townhomes it increased by 3% to $432,500.
For the month of June, single-family home Sales decreased by 10.4% and condominium sales decreased by 13.5% from the same month last year. The median days on the market for single-family homes was 18 days and 27 days for condos and townhomes.
Honolulu Board of Realtors
Let’s see what Jenny L. Brady said, who is the President of the Honolulu Board of Realtors. “While sales volume in June may have declined from last year, the Oahu housing market remains very active and competitive.”
Even with the increases in inventory, we’re seeing the majority of sold properties on the market, for less than 30 days. Additionally, sellers who are working with REALTORS®, are closing with median prices at 98.2% of the original list price for single-family homes and 97.2% for condos. REALTORS® have the knowledge and experience to position and prepare properties for optimal sales performance and to help navigate the complex process of selling a home.”
The real estate market is looking really good here in Oahu. Rates are still low and it’s a great time for both buyers and sellers. Buyers have more buying power with the lower interest rates and for Sellers, 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. Make it a great home buying and selling day.