OAHU REAL ESTATE MARKET IS STRONG IN AUGUST – As the summer comes to an end, the Oahu real estate market picked up speed and slightly in price. The average days on market for Oahu condos sold 17% quicker than last month, a 3 days difference at 15 days on market. However the average sales prices slightly dropped 1%. Don’t let the 1% price drop fool you, in the month of August, Oahu Realtors helped close a total of 481 homes, a noticeable difference than the previous month. In August, Oahu Realtors sold 8% more than August, 37 more homes sold than the month of July. Momentum has also increased in for single family homes on Oahu, with a slight increase in price and 22 more single family homes sold.
Can we possibly see Oahu’s real estate market slow down in the month of September? The summer is one of the most active seasons for buying and selling homes in Oahu. With the summer coming to an end, we need to consider a lot of Military Service Members are PCSing in and out of Oahu, and kids are getting ready to get back to school, so we just might see Septembers Real Estate Market report a little lower. We do anticipate more buyers to secure homes in Oahu throughout 2016 due to new construction homes being built in Honolulu, Ewa Beach, and Kapolei. We are starting to see a few more businesses flock to the Leeward side of Oahu due to Oahu’s second biggest city, Kapolei, develops in stores and housing. What do you think of Septembers Real Estate Market Report will look like?