Honolulu’s housing market ended March with a moderate decrease in sales volume, according to resales figures released by the Honolulu Board of Realtors. Although there is more inventory, there is still a positive real estate market in Oahu.
According to Jenny L. Brady (President of the Honolulu Board of REALTORS®), “Oahu’s housing market remains healthy as the spring season begins, and there are favorable opportunities present. Inventory levels have been rising steadily, offering more options at all price ranges. That, coupled with the recent decline in mortgage rates creates opportune circumstances for buyers. Partnering with a licensed REALTOR® is a great first step to ease the transition from browsing to buying.” Single-family home sales fall 9.5% and buyers have more choices as market takes a breather.
It’s a good time to buy a property in Oahu for these reasons:
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March Real Estate Stats for Oahu shows the condo prices have come down.
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More inventory/options on the market for Buyers to choose from.
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Loan interest rates also have come down.
Allison Schaefers (Honolulu Star Adviser) also said that it was long ago when opportunistic Oahu sellers could count on listing a home without improvements or staging and expect to sell it at or above the asking price. The Honolulu Board of Realtors released sales data Saturday that showed more inventory is coming on line while fewer sales are being made in what has morphed into a more balanced market.
March continued February’s lackluster results, but both months were an improvement over January when Oahu home and condo prices and sales all declined for the first time in a decade.
With steady sales volume, moderate price increases and more inventory across all price ranges…these are all positive indications of a healthy real estate market. But if you think the market will go down in Hawaii, you better think twice. Inventory is rising and NOW is always the perfect time to buy.
If you are curious to know about current market conditions in specific neighborhoods, we are more than happy to sit down with you and discuss options for buying or selling a home. Please call Team Lally at 799-9596 to schedule an obligation free consultation with one of our listing specialists. You may also call 234-4421 to schedule a consultation with one of our buyer specialists.