Opportunities for Oahu Homebuyers, Sellers this Summer Interest Rates Fall as Inventory Rises
FOR IMMEDIATE RELEASE HONOLULU – (June 5, 2019) – Locations—Hawaii’s leading real estate firm—published its Oahu Residential Real Estate Report for the 12-month period of June 2018 to May 2019. This is a comparison to the previous 12-month period of June 2017 to May 2018:
- The overall Oahu median single-family home price rose by two percent over the previous period, while the median condo price fell by one percent.
- Islandwide, there were eight percent fewer single-family home sales than the previous period, while condo sales were seven percent below last year.
- Oahu single-family homes and condos were on the market slightly longer than the previous year, but are still going into escrow in just over three weeks.
- There are 19 percent more homes and condos for sale this year over last year, and competition has eased since last year.
- Moderately competitive market conditions continue, however, with 23 percent of single-family homes and 15 percent of condos bid up over asking.
“Home prices have stabilized over the past year, and first-time homeowners and move-up buyers are benefitting from lower interest rates and more homes from which to choose,” says Chad Takesue, senior vice president of Sales for Locations. Takesue added that the interest rate on a 30-year mortgage fell below four percent last week for the first time since early January of 2018.
Takesue went on to say that more than half of all single-family home neighborhoods and half of all condo buildings have lower starting prices than at this same time last year.
There are also more single-family homes and condos for sale at accessible price points than last year. At the end of May 2019, there were 263 active single-family homes listings priced between $600,000 and $800,000—75 more than a year ago. There were also 476 condos for sale priced between $200,000 and $400,000—62 more than the previous year.
“Overall island-wide statistics provide a ‘big picture’ view of the market, but every neighborhood and building has its own unique market dynamics at play,” Takesue explains. “Median prices are rising in two-thirds of Oahu neighborhoods, but they are have come down some in the other one-third of neighborhoods. That’s why it is imperative that homebuyers and sellers to familiarize themselves with market conditions in their desired or current neighborhoods.”
Takesue adds that a knowledgeable REALTOR® can provide the hyper-local market data to enable buyers and sellers to make informed real estate decisions.
About Locations As the state’s oldest and leading independent real estate firm, our trusted Neighborhood Experts have served Hawaii’s families since 1969. For 50 years, Locations has helped more people buy or sell their homes than any other real estate firm in the state. With our rich kama’aina roots, innovative technology and dedicated market-research department, Locations continues to be at the forefront of this ever-changing industry. With nearly 300 agents and five offices across Oahu and one on Maui, our Neighborhood Experts live where you live. Through our non-profit, the Locations Foundation, our agents and staff support more than 100 Hawaii non-profit organizations both through monetary donations and volunteer hours. Visit LocationsHawaii.com/about-us today to learn more. For up-to-date Hawaii real estate updates, follow Locations on Facebook at: www.facebook.com/LocationsHawaii, Twitter at @LocationsHI, Instagram at @LocationsHawaii, and LinkedIn at www.linkedin.com/company/locations-hawaii. Read the Locations blog at: www.LocationsHawaii.com/news.