It’s summer time, homes and condos on Oahu are selling at a higher price point at this time of year than any other, so now is the ideal time to sell your home. A factor that can contribute to the rise in price for a home or condo is the amount of military families on Oahu. The Army, Air Force, Marine Corps, Navy, and Coast Guard make up about 40,000 residents of Oahu’s population, and this does not include all the local businesses and contractors that support them. A lot of military personnel receive orders to PCS (Permanent Change of Station) in the summer, which means military families are not only moving to Hawaii, but they are also moving out of Hawaii. This contributes to the amount of homes and condos on the market as well as their price.
If you want to sell your property but had trouble deciding when, here are some things to to keep in mind when picking. The average single-family home spent 14 days on market prior to accepting an offer in June. Condos on the other hand, stayed an extra 6 days on the market in comparison to single-family homes. Based on our experience representing sellers, our sellers are receiving multiple offers that can lead to their home selling for over an asking price. Another thing to keep in mind is the rise in price in the past year, single family homes are selling 8.6% higher, and condos are selling 20% higher. The Oahu summers are not only ones that are hot, the real estate market is even hotter. The Oahu real estate market is very strong and prices are still rising, but the question is for how long?