The Oahu housing market started the new year with a jump in the number of homes and condos for sale. According to the Honolulu Board of Realtors, new listings of single family homes increased by 21.8% while condominium listings increased by 18.8%.
But sales for single family homes were down 2.4% and prices were down slightly to $767,500. Condo sales also dropped by 12.8* and the median price dropped to $399,000.
According to Jenny Brady, the president of HBR the strength of Oahu’s housing market is still good and balanced market, January is usually a slow month for people, usually some are still not thinking about it after holidays, but the effect of the federal government shutdown may have played a role and had a big effect of the loans with USDA, VA or FHA or anybody who needed insurance. A new inventory has grown specially for buyers because they will have more opportunities and consider options of the new listings which usually does not come before Spring or Summer. In month of January 867 new listings came in the market just for condominiums. It’s definitely a buyer’s market for upcoming months as new listings are coming along.
SINGLE FAMILY HOME OR CONDOMINIUM?
When considering in buying or investing in a property, it really depends on your budget but if funds is not an issue, your options are limitless, with new condominiums for sale in the market and homes for sale around the island, there are things to consider:
LOCATION
Condominiums are usually located in the city area – near shopping malls, restaurants, transportation hubs churches, shopping malls. This allows you to reduce commute time and costs especially if you work in the city.
SPACE
Owning a home gives you rights to do whatever you would like to do with your property’s pace and expand the house any way you want. On the other hand, when you own a condo unit you need to maximize your space and share common areas with other unit owners.
MAINTENANCE FEES
When owning a condo, there’s usually a maintenance fee included on HOA for collection that must be paid by homeowners to assist with maintaining and improving properties in the association and usually need to ask permission from the building’s admin office before doing constructions. However, in single family home owners, you have your full control of your property with renovations and repairs.
PRICE
A house is definitely more expensive, but there also are homes with the same price in less desirable locations and suburban areas same priced with condominiums as condos have a wide price range if it is compared on property condos in the city.
AMENITY
Some condominiums facilities like swimming pool, gym, tennis court, basketball and receiving areas.. Other subdivisions have clubhouses
RE-SELLING THE HOME
Condos are sensitive to resale compared to houses. Condominiums are usually the first to be hit and last to recover when the housing market declines. There are still a lot to consider. My advice would be if it’s for an investment go for a condominium but if you are considering looking to live on it for a long time and would be using it somehow in the future, best is to go for a single family home.
If you are curious to know about current market conditions in specific neighborhoods, we are more than happy to sit down with you and discuss options for buying or selling a home. Please call Team Lally at 799-9596 to schedule an obligation free consultation with one of our listing agents. You may also call 234-4421 to schedule a consultation with one of our buyer specialists.