While looking at the housing market in Oahu, Hawaii, it is evident that there is an increase of new listings to begin 2019 with. These new listings have manifested as both single-family homes and condominiums. “In recent years, this volume of listing activity would have been more typical during the spring and summer months, so buyers have more options to consider earlier in the year. Conditions point towards a balanced market for both buyers and sellers.” Said Jenny L Brady, 2019 president of the Honolulu Board of REALTORS®.
While buyers in the Oahu area will have a plentiful array of listings to choose from, sellers could find the listing-rich market affecting their listing’s pricing and potential days on market. Looking at figure.1, we can see a drop in median pricing for both single-family homes and condominiums. While single-family housing prices have only dropped by 0.6%, the average condominium price has dropped by over 7% in comparison from January 2018.
This could also be a result of a decrease in total sales closed and an increase of total days on the market. Overall, as we get closer to spring, the market is expected to level for both sellers and buyers despite the earlier than anticipated spike in available listings. If you’re looking to enter Oahu’s sought after real estate market, whether buying or selling, perhaps now is the time.
Whether you’re buying or selling, the global marketplace for luxury real estate is always changing. We have analysed the latest reports in luxury real estate to keep you up to date on current market trends in your area. This week’s Luxury Market Update features the island of Oahu, Hawaii; The most populated out of the chain of islands.
This Market Report is Provided by: Mandarine Oriental Hotel Group Limited
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