Oahu’s Real Estate Market
How is Hawaii’s real estate market? Is it still as hot as last month? Is it the right time to buy or sell? Hi, this is Fawn Bertram with Homes by Fawn and Hawaii Life.
In Oahu, we have about 1,171 single-family homes and about 1,959 condos/townhomes on the market. For new listings on the market, there was a positive increase in single-family homes by 11.8% and for condos/townhomes by 18% from last August.
The median sales prices also decreased slightly from the new record set in July.
The average sales price for single-family homes decreased by 2.5% to $790k. Condos and townhomes decreased by 1.8% to $419,500.
The median days on the market for single-family homes was 27 days and 22 days for condos and townhomes.
Honolulu Board of Realtors
Let’s see what the President of the Honolulu Board of REALTORS®, Jenny L. Brady said.
“Overall, August was a quite stable month for Oahu’s residential real estate market compared to last year. Sales were at about the same level as 2018 and prices have been steady as well, with the majority of single-family homes and condominiums selling within a narrow price range.
We continued to see double-digit increases in active listings for both single-family homes and
condominiums throughout this year. While properties have remained on the market a little longer, the median
days on market is still under a month.”
There it is, August’s Housing Market remained steady. Interest rates are still incredibly low, and I’ve heard, the FEDS may be dropping the rates again. If they do, that means buyers will have even more buying power with the lower interest rates. Rates are already low, but if the rates are lowered again, buyers will be able to qualify for more and possibly have lower monthly payments. Sellers, it’s a great time to sell. Buyers are searching for homes to buy right now, and since interests are low, buyers can afford more.
Call me today, shoot me a text, or give me a call, 808-439-1077. I would love to help answer any questions you have. Stay tuned or visit my website or Youtube channel with more helpful tips on the home buying and selling process. Like, comment and share with anyone you know who may benefit from these videos. Fawn Bertram with Homes by Fawn. Make it a great home buying and selling day.