How is the Oahu Real Estate Market? Are you wondering if you should enter this highly competitive market? 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 April and then I am going talk about the real estate market now.
Oahu Real Estate Market
In Oahu, we have about 410 single-family homes and about 1,037 condos/townhomes on the market.
Single-family home sales increased by 51.2% with 375 closed homes over last April. For condos/townhomes, home sales increased by 88% with 645 closed sales when compared to the previous year.
Median Sales Price
The median sales price for single-family homes increased by 14.7% to $928k from last year. For condos and townhomes, the median sales price stayed the same at $450k from last April.
The median days on the market for single-family homes was 9 days, which is 10 days faster and for condos and townhomes, it was 13 days, this is 14 days faster than the previous year. New listings for single-family homes were up 58.3% and condos and townhomes were up by 60.5% from the previous year.
President of the Honolulu Board of REALTORS®
Let’s see what the President of the Honolulu Board of REALTORS®, Shannon Heaven said.
“A year ago, O‘ahu’s real estate market saw a steep decline in sales and listings as we were confronted with uncertainty about the pandemic’s impact on our community and economy.
“Sustained demand and low inventory levels remain constants in our real estate market and when paired with historically low-interest rates, it creates the fast-paced, competitive environment we see in today’s market.”
What we’re seeing in today’s market is, it’s still moving incredibly fast and it’s a highly competitive market. We have low inventory, historically low interest rates, and high demand for housing.
Patience is the key if you’re looking to buy. Buyers, be prepared to place multiple offers on several properties. Be ready before you even start looking at any homes. That means be pre-approved, have your down payment ready along with funds for closing costs and work with an agent that knows the market well.
Sellers, you’re in a great position as home prices continue to hit new record highs in Oahu. Homes being listed for sale are usually receiving multiple offers over the asking price in a matter of days. If you’re considering selling, let’s discuss what your intentions are and what your home is really worth.
The Real Estate market changes quickly and if you would like more information or would like to know what’s happening in a particular neighborhood in Oahu, please reach out. If you’re looking to buy, sell, invest or learn about real estate, give us a call. Let’s go over strategies; we would love to hear about your story and help in any way that we can. 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.