According to a recent article in Honolulu magazine, homes on the island are being snapped up in just 17 days on the market. This is a sign of the strong demand and aggressive buying on the island.
This 17 DOM is down from 20 days in May 2014 and the lowest since it hit just 15 days on August 2014. This days on the market is the amount of time it takes from when a home is listed to when it receives an accepted offer. Condominiums also are doing well at just 23 days on the market for the median DOM. The median price of a single-family home rose in May, 2015 2.3% to $698,000. The median price for condominiums increased nearly 6% to $375,000.
As our peak season approaches, there were over 300 single-family homes that closed across the island in April, which was up nearly 22% from just a year ago. There were 454 existing condo units that exchange hands in the month, which is up about 5%.
This strong demand for homes is greatly attributed to many buyers taking advantage of the continued low interest rates before the government starts to raise rates. Also, buyers want to get in before the summer rush.
Single-family homes are expected to reach about $709,000 and condominiums up to $365,000 by the end of the peak season.
What is this mean for sellers?
Sellers should now take advantage of the greater demand than there is supply. Homes are selling at higher prices and with more offers on the table in a shorter amount of time.
For more information or to find out what your home is currently worth or to look at homes in your price range please call our office at any time. We have numerous agents that specialize in helping buyers and sellers get the result they’re looking for.
Images by ArmchairBuilder.com Flickr