As I'm looking at the statistics that just came out from the Honolulu Board of Realtors, I'm laughing! Mainly because at the beginning of the year I actually thought that maybe the market may start to slow down in 2016 (see my article from March 2016 below in the blogs)... Boy, was I wrong!
Not only did our market continue to soar in 2016, but December was the 2nd highest month for # of sales. December is usually a bit slower as expected with the Holiday's.
The median home price for Oahu went up from $700K to $735K. And the median condo price went up from $360K to $390K respectively. The Honolulu Board of Realtors calls this "stable". The average days on market for both SFH and condo's went down (that's a good thing) to 18 days on market for both. WOW, that's fast! The key is choosing the right agent who KNOWS the market and has a lot of experience selling homes in your neighborhood, in order to get the best and highest price. There are a few homes on the market that are sitting idle because their agents' have not helped them get their homes in sell-able condition. This doesn't help the agent either, so the whole thing boggles my mind...
The number of homes for sale (inventory) has remained flat, which continues to drive our market. This lack of inventory has helped many get into homes, while simultaneously lowing our standards by consumers buying out of desperation of loosing yet another home.
January and February tend to be slower months (but not by much), but come March things will get crazy again with military folks coming in and people starting to buy new homes that will close at the end of the school year. What does this mean for you? Use this time in Jan and Feb to find your home while the masses stay at bay until March! ;) Buy a home now, and hold onto it!
The public is encouraged to visit www.hicentral.com to see what's happening in the housing market. And, as always please feel free to call one of us at alohatony.com for real estate advice and services. We remain in the Top 100 Realtors of Hawaii and enjoy serving our clients with Aloha.
by:Chelsea Pferschy RS, MRP (808) 754-6000 firstname.lastname@example.org