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Locations LLC presents

              MoreHawaii
 

       Hawaii Real Estate Indicators
                     A QUARTERLY REPORT ON THE REAL ESTATE INDUSTRY

                SECOND QUARTER
2020
            (inserts from the latest edition)

        

Oahu Market Prepares To Recover
 
Single-family home sales on Oahu declined by 22.5% last month, as COVID-19 restrictions continued to impact the market. According to the Honolulu Board of Realtors®, the median price rose by 3.5%, while condominium sales declined by 51% and their median price declined by 4%. However, local agents are optimistic about the current market, especially those with relaxed quarantine mandates. Around 30% of the homes and condos that were taken off the market in March or April were back on the market by the end of May. New listings increased 17% from the previous month, and May's volume of listings opening escrow increased by 32%.

The median days on market for single-family homes dropped to 13 days in May, from 21 days in May 2019. For condos, days on market declined to 23 days, from 27 days last year. Tricia Nekota, president of the Honolulu Board of Realtors®, commented: "As the state continues to reopen, we are already seeing a steady increase in activity that, in turn, helps to drive our local economy."

Homebuying Demand Up 22%, Prices Rise 7%

As more quarantines end, more homebuyers are entering the market. After 7 straight weeks of increasing numbers, home buying demand has increased by 22% from pre-pandemic levels. While sellers continue to enter or re-enter the market, the inventory of homes for sale in many metro areas can’t keep pace with buyers, driving prices up by 7%. Combined with low mortgage rates, competition for homes continues to increase. In addition, the number of people who plan to continue working remotely post-pandemic has grown – and many people living in rentals would be more comfortable in a home of their own. A recent Gallup poll found that 3 in 5 workers who have been doing their jobs from home during the pandemic would prefer to continue to work remotely after all COVID-19 restrictions are lifted.

 

   

The Hawaii Economy
The Hawaii EconomyThe Hawaii Economy
 

 for a 2020 monthly Report on

Oahu Real Estate Report for June 2020

                                                                                     

   
The inventory on Oahu ~ still at low levels thru the 2nd quarter of 2020...

The inventory on Oahu is still at record low levels beginning in 2014...

 
This should give you something to talk about; 
the bottom line ~Now is not a time to wait!
 

Combined with today's interest rates, which maximize buying power and have brought more
buyers into the market, these inventory levels are changing the playing field for buyers and
sellers.

What this means for home sellers:

  • Now is the time to sell, while the market is strong. Properties are selling quickly and getting top dollar.

  • If you’re selling to buy another property, you want to do that before the real estate market rises to its next peak.

  • An experienced Locations LLC agent can make sure your property is priced correctly in this active market, so
    that it will attract the most offers.

  • Not sure what your home is worth? Get a free market analysis today of what your home can sell for.

  • Email your trusted Locations LLC professionaltoday ~ Jim@MoreHawaii.com

What this means for home buyers:

  • For buyers today, the market is very competitive at all price levels.

  • The Oahu real estate market is a very different environment than it was a few years ago, even a year ago.

  • To place a competitive bid, buyers need to be pre-qualified.

  • Homes are selling fast, so buyers need to stay on top of new listings. You can receive special alerts when
    a new home that meets your criteria comes on the market. Use the power search at Locations LLC and
    save your search to sign up for personalized email alerts from our neighborhood experts.

  • At Locations LLC, our agents receive special training on competitive markets and how to win the sale in
    multiple offer situations. Let them help you successfully buy the property you want.

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   In the Overall Oahu Market...  
The Oahu Market begins 2014 on a strong footing 
 
                                 A balanced market is generally characterized by 6-10 months of inventory remaining...

            ~ Take advantage and call Real Estate Specialist Jim More (R) CRS at (808) 222-3949 ~

 

           

"Experience MoreHawaii ~ my clients come first"
"Experience MoreHawaii-my clients always come first"
"Experience MoreHawaii ~ my clients come first"


                         James S. More   

                             Realtor-certified residential specialist-direct line: (808) 732-5069               

                         

email jim@MoreHawaii.com 

Why settle for Less when you can have ...MORE           

               

                                                    A Hawaii real estate company with "The Perceptible Difference"      
                                                                                        with listings and sales of Waikiki and Honolulu real estate
 

                              Locations LLC is an independently owned and operated Hawaii real estate company and a member of the Honolulu Board of Realtors