How are things in the Oahu real estate market? We have a few year-over-year statistics to share with you today.
What’s going on with the Oahu real estate market?
We’ll go over some year-over-year statistics from the first quarter of every year from 2012 to 2017. Past activity is not foolproof in telling us where the market is headed, but it can help us make an educated guess.
The number of properties listed in the first quarter has gone up by 30% from 2012 to 2017. The average number of active listings went up 20% from 2012 to 2017.
"Rising interest rates erode the amount of money buyers can qualify for, knocking them out of the running for your home."
Home prices are up as well. The average price of a home in Ewa Beach has gone up 26% since 2012, and the average price of a home in Kapolei has gone up 20% since 2012.
Another factor to be aware of is rising interest rates. Increasing rates erode the amount of money that buyers can qualify for, knocking them out of the running for your home. When there are fewer buyers, prices start to stagnate or recede.
This update is like a generic weather report for the whole island market. If you are curious about the conditions in your neighborhood, please give us a call or send us an email. We would be happy to help you!