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The beginning of a new year is a good time to take stock of the past year and reflect on your goals for 2022. While many of us will set goals for our health, career or personal lives, don’t neglect to set your real estate goals for the coming year, too.
Median real estate prices on Oahu have not suffered from COVID-19 impact. Median home prices are well above last year’s levels, and condo median prices are rising above last year. The final median prices for 2020 are $830,000 for homes and $435,000 for condos, up 5% and 2% from last year, respectively. Lack of inventory for sale is the Oahu real estate market’s biggest issue, adding pressure on prices and increased competition for buyers. Homes for sale are scarcer than they have ever been, with only 453 active listings on the market.
The initial effects of the coronavirus pandemic have passed, and Oahu market activity has returned to last year’s levels or better, as strong demand for housing and lack of supply for sale continues. With just 590 single-family homes for sale, inventory is at the lowest point in the 40 years that Locations has been tracking the Oahu real estate market. Record-low single-family home inventory, coupled with near historically low interest rates, pushed median home prices and competition to new highs in September, with four in 10 homes selling for above the asking price.
Learn more about how the condominium property regime (CPR) process works and what steps you need to take to create a CPR.
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