The number of sold homes in Oahu continues to rise this year and this might be the best time to list your home for sale.
The number of homes sold continues to rise
If you watch the trends in the Oahu home market yearly, you'll know that things heats up this time of the year, and 2018 is no exception. This trend is expected to continue in the second half of the year. The data in June 2018 shows that the number of new listings and closed sales on Oahu has increased significantly compared to earlier in the year.
There were 514 new single family homes listed in June compared to 377 in February of this year. As for closed sales in June, there were 365 single family homes closed compared to 217 in February. There were 547 condos closed in June, while only 385 in February 2018.
Summer's hottest neighborhoods for listed homes
Some of the neighborhoods in Oahu have seen a noticeable increase in closed sales compared to last year. Kalihi - Palama had 13 single family homes closed in June 2018 compared to 7 in June 2017 (up by 86%). In Makakilo, there were 20 single family homes closed in June 2018 compared to 12 last year (up by 67%). Not only was there an increase from last year but the month to month increase this year is also impressive with a double in homes sold in June (20) compared to each of the first 3 months of the year (10).
Pearl City - Aiea also had a huge increase from 18 single family homes closed in June of last year to 27 homes closed in June 2018 (up by 50%).
So why should you sell now?
What many homeowners don’t realize is how high the demand for homes is right now. Summer is a prime season for buyers to choose a home and are competing against each other due to the low inventory of houses. There is a huge gap between the number of homes for sale and the high demand from all these ready buyers.
According to Lawrence Yun, chief analyst of the NAR (National Association of Realtors):
“Inventory coming onto the market during this year’s spring buying season – as evidenced again by last month’s weak reading – was not even close to being enough to satisfy demand,” added Yun. “That is why home prices keep outpacing incomes and listings are going under contract in less than a month – and much faster – in many parts of the country.”
You should consider selling now because the demand for your home is at its strongest when there is very little competition. This could lead to better offers, bidding wars between buyers and a much quicker sale than usual.
If you are curious to know about market conditions in your neighborhood, we are more than happy to sit down with you and discuss options for selling your home. Please call Team Lally at 799-9596 to schedule an obligation free consultation with one of our listing specialists.