Oahu Real Estate Market Heating Up
What’s going on in Oahu’s Real Estate Market? Are we still in a seller’s market? Hi, I am Fawn Bertram your local real estate agent in Oahu. Before you do anything, let’s talk about the housing stats for June, and then let’s talk about what is happening right now on the island.
In Oahu, we have about 449 single-family homes and about 1,116 condos/townhomes on the market.
Single-family home sales increased by 49.3% with 451 closed homes over last June. For Condos/Townhomes, home sales increased by 134% with 730 closed sales when compared to the previous year.
Median Sales Price for Oahu Homes
The median sales price for single-family homes increased by 27.1% which set a new record of $979k from last year. For Condos and townhomes, the median sales price increased by 9.1% to $460,000 from last June.
The median days on the market for Single-family homes saw 8 days on the market, this is 12 days faster and for condos and townhomes it was 11 days, this is 29 days faster than the previous year. New listings for single-family homes were up by 23% and for condos and townhomes it also increased by 31.1% from last June.
President of the Honolulu Board of REALTORS®
Let’s see what the President of the Honolulu Board of REALTORS®, Shannon Heaven said.
“We are in a vastly different market now compared to this time last year, when activity was slowly starting to ramp up versus now where properties are moving into escrow in record
time.
In particular, the condo market surged in 2021 because some buyers decided not to pursue a single-family home due to the severe lack of inventory and competitive bidding wars.”
Oahu Home Sellers
Let’s talk about what is happening now. We’re still in an aggressive real estate market.
Sellers, you’re in an ideal market to list your home for sale. We have though been seeing price decreases throughout the island. An insider tip, if you want to receive multiple offers, price your home competitively.
If you’re considering selling, let’s look at the numbers and see what your home is really worth.
Buyers Looking for Oahu Real Estate
Buyers, now is not the time to submit low offers, have contingencies, or not be pre-approved. Be ready to come with your best and final offer. Keep positive thoughts, work with an agent that knows the area well, and don’t give up.
Even in this crazy market, we have strategies to help you with getting your offer accepted. If you want to know how, contact us.
More Information
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.
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