Oʻahu Home Prices Hit All-Time High
The real estate market is ever-changing. Happily, Kapolei Realtor Sam Paltikian RS-79996, at Coldwell Banker Pacific Properties: (RBO-16781), is here to explain what it all means for west side homeowners. He can be reached at Sam.Paltikian@cbpacific.com or 808.265.1450.
September 2020 real estate statistics showed Oʻahu hitting a new record for median pricing of single family houses!
So what’s driving this market?
Low Inventory: Single-family new listings on Oʻahu down 40% in 2020 vs 2019! On an island of nearly 1 million people, there were only 2,458 homes (houses + condos) available for sale as of 10/29/20, not including those in escrow.
Home Loan Interest Rates: VA loan rates 2.25% to 2.75%, Conventional 2.5% to 3.2%. The exact rate depends on a person’s financial situation, but overall, these are the lowest rates in 50 years.
Low interest rates = More buyers. Low inventory + More buyers = Multiple 0ffers. Homes are attracting as many as 25 legitimate offers, and this is driving prices up.
ʻEwa Plain Stats
Here is a quick snapshot for the market conditions, single family & condos combined:
|Active (10/28/20)||Sold (Sept. 2020)|
If you want to learn more about market conditions for 2020, please contact me for a one-on-one discussion. Email Sam.Paltikian@cbpacific.com, or call my mobile line: 808.265.1450