Honolulu condos are selling at an all-time high in July. "It's no surprise that the condos are selling faster than single-family homes. As single-family home prices continue to soar, new homebuyers are resorting to the latter," said Adrienne Lally, team leader of Team Lally. A big indication is a difference in days on market (DOM) and list prices between the single-family homes and condos.
Summer is prime time for moving. Not only are kids out of school but the biggest employers on island, Army, Air Force, Marine Corps, Navy, and Coast Guard are changing duty stations. As homeowner service members leave Honolulu, they can either sell or property manage their home. Unfortunately, service members with Oahu orders may have a harder time purchasing homes due to the cap of the Veteran Affairs (VA) loan. The max amount a military homebuyer can borrow on a VA loan is $721,500 (non-jumbo loan), this means buyers are already priced out on buying the median single family home in Hawaii. Having to resort to purchasing condos, the DOM for single family homes have increased and DOM for condos have decreased.
We're expecting the market to shift as the prices climb.