Oahu


 

Oahu Real Estate

Oahu is arguably the most gorgeous and activity-filled of the Hawaiian Islands from bustling historic Honolulu to beautiful beaches such as Kailua and Waikiki. You can visit Pearl Harbor for a glimpse into history and hike up to the top of Diamond Head for a view of Waikiki and an amazing 365-degree panoramic view of Oahu. Attend a luau for delicious food or do some shopping in Waikiki. With so many fun activities, Oahu is an excellent place both to visit and to live. It truly is paradise.

1113111-0Honolulu is where the majority of residents of Oahu live. The island of Oahu has a very high median home sale price with it being $675,000 in September of 2013 as reported by the Hawaii Association of Realtors. This median home sale price is the highest of any of the Hawaiian Islands by quite a large margin.  Honolulu is the 5th most expensive city for home buyers as stated in a 2013 Center for Housing Policy report.

There were 302 single-family home sales on Oahu in September of 2013 at a 2% price increase from August of 2013 and up 5% over September of 2012. The actual number of single-family home sales was down 20% in September of 2013 from the month prior. In September of 2013, there were also 419 sales of condos at a median price of $349,000 on the island of Oahu. This represents a 10% price increase over September of 2012. The actual number of sales of condos in September of 2013 was down 10% from the previous month. For home sales, it was a median of 21 days for a condo to sell and 19 days for a single-family home to sell.

In August of 2013, Hawaiian economist Paul Brewbaker pointed out that there are 1,979 new housing units to be constructed in Oahu as authorized by current building permits. This is fantastic news as the new housing will help with the current housing inventory shortage being experienced in Oahu. Since there is low inventory at present, a great number of houses and condos are being “bid-up,” that is, selling for more than the original asking price.

In 2012, 22% of single-family homes were sold for more than their listing price. This amount is equal to the percentage sold for more than list price at the peak of the real estate market in Oahu back in 2004. Oahu’s housing market is poised to meet or exceed previous record-setting prices from 2004. Therefore, right now is a great time to lock in a low interest rate when purchasing a home on Oahu as well as get a fantastic price for your home when selling.

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