With all of the rumors of an upcoming "shift" it is important to stay up-to-date on current market conditions. The August statistics for Oahu were just released from the Honolulu Board of Realtors (HBR) and the demand for houses is still strong for Oahu. There is not enough inventory available for qualified buyers. It is still very common for houses to be in a multiple offer situation and sell for asking or above asking price.
According to the market press release from the Honolulu Board of Realtors, "During August 2016, sales of single-family homes were flat compared to August 2015, while condominium sales increased by 12.4 percent compared to August 2015. The median price paid for single-family homes in August 2016 increased by 6.9 percent from the same month last year to $747,500.The median price for condominiums increased by 12.4 percent from August 2015 to $398,000.According to the Days on Market indicator, the median days on market for single-family homes and condominiums was 16 and 15, respectively."
"The market desperately needs more inventory to house potential home owners who are buying for the first time, and those moving to our island looking for a place to live,” said Kalama Kim, 2016 Honolulu Board of REALTORS® President. “During the month of August, the number of homes for sale dropped compared to last year, and it took just 16 days before the homes which sold accepted an offer. There are buyers who have been in the market for over a year because of market conditions, and run the risk of being priced out of the market as demand pushes prices up. New construction of homes would help solve those issues (HBR August Market Press Release)."
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