Hawaii News Now has reported on the latest Oahu Residential Real Estate Report (November 2017), showing that while the year-over-year listings of new condos on Oahu continues to rise (25 percent) the prices continue to edge higher along with them. Some experts were surprised, but we saw the writing on the wall, as from Aina Haina to Kapolei there isn’t a new development that doesn’t come without a premium price tag.
Current homeowners and investors are also excited, as existing single-family home and condo sales saw impressive double-digit increases. Single family home sales increased 14 percent and condos rose 15 percent, obliterating the expectations of many, considering that median prices for both single-family homes and condos rose four and three percent respectively.
You may think that with listing price increases, that home sales would not flow as fast, but data shows that median days-on-market for Oahu homes was just 16 days while days-on-market for condos is just under three weeks. Top that off with the aforementioned fact that home sales saw double-digit increases across the board and you’ve got some happy campers in the homeowner/investor field. In fact, Oahu home sales hit its highest point in more than a decade here in 2017 and the bid-up over asking price rate remained steady through all four seasons. With interest rates falling below four percent (which is lower than the same period last year) the favorable sales trend is expected to press on into 2018.
What the conclusion here? Let’s break it down so that you can identify where opportunity knocks for you:
- If you’re considering a new condo as a real estate investment, the time to strike is now. The pricing trend is expected to continue, so by capitalizing today, you get in while it is still affordable, and can flip the property down the short road for a significant profit. Alternatively, you can hold on to the property, and put it on the rental market (longterm or vacation) and watch the value appreciate while you earn monthly revenue in the process.
- If you currently own a single family home and are considering selling, the likelihood of selling the property at a significantly higher margin than what you paid for it, and within the month, is VERY viable.
- If you currently own a condo and are considering selling, you have an equal or greater likelihood (compared to single family homes) of being able to sell at a profit within the month you’ve made the decision to do so.
If you find yourself presented with any of the above highly lucrative opportunities, you won’t find a better Realtor team to manage your purchase or sale (rental listings included). Contact the Richmond Realty Hawaii team at 808.284.1004 or via email at email@example.com anytime. Opportunity is indeed knocking, but will you answer?
~ Richmond Realty Hawaii ~