With inventory low, prospective homebuyers are taking another look at Oahu condos
HONOLULU (HawaiiNewsNow) - Oahu’s housing market isn’t cooling down. And that, combined with persistently low inventory, is driving new interest in condos.
According to the latest report from the Honolulu Board of Realtors, single-family home sales were up last month by more than 49% compared to 2020 while condominium sales saw a 134% spike.
The head of the Honolulu Board of Realtors attributes that to a number of factors, such as people are becoming more comfortable living in condos as vaccinations rise and the price for single family homes.
“What we normally would say this should get the house, this is a really strong offer, that doesn’t necessarily work anymore,” said Honolulu Board of Realtors president Shannon Heaven.
“Somebody might throw in something because they just want that house and they are offering a $100,000 over, $200,000 over. We’ve seen all kinds of stuff happen, so very much different than any market we’ve seen before.”
The median single family home price on Oahu now stands at $979,000.
Some 57% of homes in June went for over the asking price and that’s the case for 33% of condos.
As for when the situation could stabilize, Heaven does not see a definitive end.
“I know people are thinking we’re gonna have foreclosures, we’re gonna have this and that,” Heaven said. “I don’t think we’re gonna see that only because it doesn’t matter when you bought your house.
“If you bought your house three months ago and you can afford it and you put it on the market now, you could still actually turn a profit possibly. So people, unless they hang on to it too long, I think our market is going to be strong for a while.”
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