Oahu’s real estate market kicked off 2017 with a bang, and experts say it will likely end the year the same way.
November is typically a slow month in real estate, but experts say that doesn’t appear to be the case this year.
According to Locations’ residential real estate report for November, Oahu home values continue to rise at a steady pace with double-digit increases in sales for both single-family homes and condos, and a welcome increase in available condos.
Chad Takesue, Locations senior vice president of sales, joined Wake Up 2day to break down the numbers and to tell homebuyers and sellers what they can expect as the year closes.
- Both single-family home and condo sales saw double-digit increases in November, with an increase of 14 and 15 percent respectively, pushing up year-to-date sales above expectations.
- Median prices for both single-family homes and condos rose over last year, at four and three percent, respectively.
- Days on market for single-family homes fell 16 percent from last year. The median days on market for Oahu homes in November was just 16 days. Days on market for condos increased by 11 percent to just under three weeks.
- New listings for condos increased by 25 percent in November to 625, while active condo listings rose 10 percent to 1,419. The number of available condos for sale has been up over last year since summer 2017.
“You have to understand that there is some competition out there, and you have to know how to navigate through that competition,” Takesue said. “We’ve seen some bumps in inventory in the single-family-home markets, such as the Leeward Coast, Makakilo, and Kailua. So if you’re a buyer looking in those areas, they might offer a little bit more variety than some of the other neighborhoods across the island.
“One thing to note though, the months of inventory remaining has remained flat. What that tells you is that even with the increase in inventory, it’s just keeping pace with demand,” Takesue added. “It’s not really moving the needle on that.”
Experts suggest future homeowners consider buying now, with interest rates below four percent and lower than last year, coupled with a large increase in new and active condo listings and prices expected to rise in the new year.