Oahu’s Real Estate Market
Are you in the market to buy or sell a home in Hawaii? Hi everyone, this is Fawn Bertram from Homes by Fawn. If this is your first time in this channel and you want to know everything about living, working, shopping, dining, and playing in Oahu then click that subscribe button and bell so you’re notified when new video content is released. My team and I are receiving calls daily from people like you who are moving or relocating to Hawaii. So let’s talk about the real estate market in Oahu and what you should know if you’re looking for a home or selling one.
Homes on the Market
In Oahu, we have about 380 single-family homes and about 1,134 condos/townhomes on the market.
Single-family home sales increased by 9.8% with 371 closed homes over last November. For condos/townhomes, home sales increased by 47.7% with 601 closed sales when compared to the previous year.
Median Sales Price for Oahu Homes
The median sales price for single-family homes increased by 20.3% to $1,050,000 and For condos and townhomes, the median sales price increased by 19% to $500,000 from last November.
The median days on the market for Single-family homes was 11 days, this is 1 day slower. For condos and townhomes it was 9 days, which hit a new record. This is 7 days faster than the previous year. New listings for single-family homes were down by 5.5% and for condos and townhomes were up by 13.9% from last November.
President of the Honolulu Board of REALTORS®
Let’s see what the President of the Honolulu Board of REALTORS®, Shannon Heaven said.
“The market appears to be holding steady, and the increase in closed sales for all properties is a welcome sign that Hawai‘i families are getting their offers accepted and moving into their homes.
Additionally, a large portion of sellers are receiving bids above their original list prices, which tells us that we remain in a competitive market despite the expected holiday lull.”
Oahu Home Sellers
Sellers, the real estate market is still very competitive. Interest rates are still low and there is not a lot of inventory on the island. What I am starting to see in some areas, homes are staying longer on the market. What this means is, it will take more time and effort to sell your home than you might have anticipated. If you want your home to be sold quickly for top dollar then let me help you get organized and stage your house so that buyers can envision themselves living in it!
Oahu Home Buyers
Buyers, we know you’re tired of being outbid and the endless search. This process can be very frustrating and it’s easy to get discouraged. Don’t give up hope! Many buyers have left the market. Push through and know we’re here for you every step of the way. Our team will help you find your perfect home. We’ll walk with you through each stage of buying a home and help you achieve your goals. Even in this crazy market, we have strategies to help you with getting your offer accepted. If you want to know how, contact us.
The Real Estate market is constantly changing and if you would like more information or would like to know what’s happening in a particular neighborhood in Oahu, please reach out.
Now if you want more information about buying or selling a home in Hawaii, we have people reaching out to us every single day and we absolutely love it.
If you’re thinking about moving or relocating anywhere in Oahu, there is no greater compliment we can receive than a phone call, a text, an email or if you want to get on the calendar, click here to schedule a call with a member of our team. However, you want to get a hold of us, we got ya covered.
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.