Remember the ups and downs that used to characterize the local real estate market not too long ago? Well, those climbs and dips appear headed to distant memory, because the Oahu real estate market continues to rise without any signs of slowing down (albeit to the concern of some).
Earlier this month (July 2014), the Honolulu Board of Realtors stated that the median single family house price for the Oahu (Honolulu County) reached $700,000. That’s an all-time high. Condos checked in at a cool $360,000. The market’s not cheap, my friends!
What’s even more surprising is the large footprint of millennials entering the market. Almost a quarter of new home purchases now are millennials. Some wonder how young people barely starting their careers can afford homes easily costing $500,000 and above (me included). There are a few different possibilities: the tried and true help from parents, starting with a small home or condo, and, of course, leveraging the daylights out of available mortgages.
After all, current mortgages rates still hover around 4% for those who can qualify for such rates. With such cheap money, especially compared to where rates were not too long ago, it’s no wonder that people are trying to jump in the market now. Compound that with the aforementioned rising market and, consequentially, reduced purchasing power, it’s no wonder that homes on Oahu are selling faster than ever when hitting the open market.
Do you know what the median days on market were for single family homes on Oahu last month? 19. That’s the lowest number I’ve ever seen. Do you know what else that means?
It’s a good time to sell your house. All things being equal, the more buyers out there looking, the better it is for you the home seller. You’ll likely get more for your house now than you would have even just a few months ago. Get a cash offer for your house here if you’re thinking of selling.
Otherwise, sit back and watch the market rise just like the temperature seems to be doing!