According to a recent article by the Honolulu Board Of Realtors this last week shows that the median price of a single-family home on Oahu has dropped since February compared to just a year ago. There’s been an increase in the number of sales but those figures also show that the median price of condominiums as well as single-family homes have drop substantially in February. The medium home prices currently $648,000 compared to $679,000 in February 2014. This equates to a nearly 5% drop. There have been more homes sold February 2015 then February 2014 with the increase of 6% this year. Condominiums dropped a little over 9% from $359,000-$326,000. There’s been a drop of 2% of condominiums purchased last year than this year which is not a significant number.
The Board of Realtors also stated that single-family homes were on the market for an average of 25 days and condos about 29 days. February is usually one of the slowest months of the year so this isn’t surprising that numbers are a little skewed from the more popular months out of the year.
So what is all this mean? Home buyers should be encouraged that if they’ve been on the fence about buying, now would be a great time. Because there is an increase in inventory with a lower median price, homebuyers should be able to get a better deal with a choice of more options.
What is this mean for sellers? Well, there is quite a bit of inventory out there so if you plan on selling but couldn’t wait another month, it might actually getting you more profit. You might consider holding off Intel April or May when school starts to wrap up and more homebuyers are considering buying or selling. Yes, there will be more inventory out there but you might be able to get a better price for your condominium or house.
If you’re interested in purchasing a home or condominium anywhere on the island, please give me a call. I want to stay up-to-date with the current market trends, local inventory, and provide you with the best possible real estate service out there. Give our agents or our office a call today.