What’s going on with the Oahu Hawaii Real Estate Market? Has the market cooled down or are we still seeing prices increase? In this video, we’ll explore the current Oahu Real Estate Market and talk about some items you should be aware of when purchasing or selling a home on the island.
Homes on the Market
In Oahu, we have about 370 single-family homes and about 1,037 condos/townhomes on the market.
Single-family home sales decreased 7.3% with 241 closed homes over last February. For Condos/Townhomes, home sales increased by 9% with 486 closed sales when compared to the previous year.
Median Sales Price for Oahu Homes
The median sales price for single-family homes hit a new record and it increased by 22.6% to $1,125,000 and for condos and townhomes, the median sales price increased by 8.6% to $497,000 from last February.
The median days on the market for single-family homes was 13 days, which was 4 days slower and for condos and townhomes, it was 14 days, which is 4 days faster than the previous year. New listings for single-family homes were up by 12.3% and for condos and townhomes were up by 18.6% from last February.
President of the Honolulu Board of REALTORS®
Let’s see what the President of the Honolulu Board of REALTORS®, Chad Takesue said.
“We saw a typical dip in sales in January to February of this year, which we attribute to muted activity around the holiday season.
Along with rising median sales prices for both markets, median list prices are also starting to tick up as sellers take advantage of the lack of competition.”
Oahu Home Sellers
Sellers, if you’re thinking of selling your home in the near future, now is a great time to do it! The Oahu Hawaii real estate market is still hot, moving incredibly fast and you’re likely to get multiple offers.
If you’re thinking about selling your home, even in this market there are a few things you need to do to get it ready to sell. We can help you identify what needs to be done and how to best accomplish it so you can get the best return on your investment.
Oahu Home Buyers
Buyers, it’s not the time to put in low offers for a house. You might be thinking that the market is cooling down due to rising interest rates. This is not the case right now as interest rates are still comparable to 2019 rates. The demand to purchase a home is high for single-family homes and condos and townhomes. If you’re looking to buy a home, don’t wait any longer. The current market conditions are still in your favor for the time being.
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.
More Information
For more information on Hawaii Real Estate, reach out to Inquiry@HawaiiLife.com.
Judy
March 18, 2022
Hi Fawn, There is something that i have noticed in many Hawaii LIfe’s columns. Using the phrase “in Oahu” is incorrect. It is “on Oahu”. Using the incorrect phrase implies limited and mistaken knowledge of Hawaii. I’m sure that is not the message you want to send to potential customers!