The Oahu residential real estate market is holding steady as we enter into the summer of 2019. Sales for both single-family homes and condos have remained relatively flat since April of this year. When compared to a year ago sales are down -9% for single-family homes and down -8% for condos while prices remain relatively unchanged for both.
Additionally, the market is showing signs of picking up as we enter the peak summer sales period. Bid-ups have increased over the past few months while interest rates have returned to previous record lows motivating borrowers to act quickly.
With a 14-16% increase in listings for single-family homes and condos, working with an experienced REALTOR® is key for success. For sellers pricing their home correctly for their specific market area is critical in attracting the most buyers. On the other side, while buyers are benefiting from increased choices and favorable rates they should not let an opportunity slip away as more buyers are entering or even re-entering the housing market.
It's important that homebuyers and sellers familiarize themselves with market conditions in their desired or current neighborhoods. A knowledgeable REALTOR® can provide the hyper-local market data to enable buyers and sellers to make informed real estate decisions.
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