Considering buying or selling a home in Honolulu or on O’ahu but want to know if the timing is right? Before investing in new real estate or selling any real estate, it’s always a good idea to find out what’s happening in the real estate market. So, here’s your market report and analysis from August 2018.
August 2018 Single-Family Home Statistics
Single-Family Homes Market Analysis
Compared to last August, median home prices are up 3% and year-to-date they’re up a total of 3.7%. But even more impressively, average prices are up 8.9%! Median days on the market stayed about the same as last year, and continues to be impressively low, signifying a competitive market. Inventory is also up, largely due to the amount of new construction that’s been popping up all over the island.
August 2018 Honolulu Condo Statistics
Condo Market Analysis
Like those of single-family homes, the prices of condos in Honolulu is definitely on the rise, a total of 6% Year-to-Date, or 8.2% on average. Days on the market remains low, and the number of active listings has climbed, again, largely due to the new construction around O’ahu.
O’ahu Market Analysis
Prices are at an all-time high, new construction is on the rise, homes are selling fast… the market is HOT for both buyers and sellers! This is good news for both buyers and sellers—for sellers, it means a quick sale with a high return on investment. For buyers, it means investing in a strong market that’s definitely on the rise.
Ready to Buy or Sell a Home on O’ahu?
If you’re thinking of buying a or selling a home on O’ahu, then it’s time to contact RE/MAX Honolulu. We’re here to help you explore the area, discover the perfect home for sale, find your home’s value, or list your home with ease!