Oahu real estate median price drops 12.5%

It's a buyer's market in Oahu real estate, though not everyone seems to understand that. With our low level of inventory still hardly changed since a year ago, a lot of people are in denial that it's a buyer's market, or that it's time to buy.

I've finally come around, and now I see that the only statistic I really need is the median price. Less than a year ago the median price was $685k, and now it's $599k, a drop of 12.5%. I'm asked almost every day if it's a good time to buy, and if the Oahu real estate market has actually dropped.

Yes it has. The price of Oahu real estate is now 12.5% discounted compared to last year, so what more could you ask for? How about low rates? Today 30yr fixed rates are about 6%, which is historically very low.

How about some motivated sellers? Oahu Homes are now averaging over 2 months on the market, which means sellers are getting motivated. Add to that the very small number of homes that sold in February, and you get a combination that amounts to a buyer's market for sure.

In the long run, Oahu real estate is bound to go up again, a lot. With millions of baby boomers retiring and looking for a place to move to, Oahu is definitey a prime choice for those with money, and that is great for the Hawaii real estate market.