The Real Estate market on Oahu has remained quite competitive even in the midst of the COVID-19 pandemic. A lack of inventory in the market combined with very low interest rates continue to drive demand. It is perhaps more important now than ever to have a good Realtor who can help to navigate this competitive market. An experienced Realtor can help both buyers and sellers understand the local market while identifying opportunities and guide them through the process of buying or selling a home.
Compared to October of last year, the median sales price for single family homes on Oahu was up almost 11% to $865,000. Newly listed single family homes stayed on the market a median of 10 days before going under contract. Speaking of new listings, there 17.6% fewer in October of this versus last year.
The median sales price of condos on Oahu was down slightly from October of last year at $439, 500 versus $441,000. The number of new condo listings was up 1.7% from last year and the median time on market was 18 days versus 26 days last year.
