Hope everyone is enjoying this beautiful weather, as we end summer and welcome fall, haha! One day it’s pouring rain, the next is sunny and 197% humidity. Meanwhile, the housing market continues its torrential pace in 2016 as inventories continue to be slim and median prices hover around record-highs!
As our Board President Kalama Kim has stated, “During the month of August, the number of homes for sale dropped compared to last year, and it took just 16 days before the homes which sold accepted an offer. There are buyers who have been in the market for over a year because of market conditions, and run the risk of being priced out of the market as demand pushes prices up.” I don’t have any buyers like that (thankfully), but I can personally attest that the competition out there is intense!
In my opinion, the real news is that prices continue to remain high while days-on-market fall. That’s saying that Buyers are paying near what Sellers are asking, regardless of price, and locking properties into contract earlier than ever. This is even more evident when you dive deeper into the stats and see that 38% of home sales, and 27% of condo sales are bid up over asking price (the highest levels in Oahu’s history). These signs mean Buyers must be fully armed when they enter the market and Sellers have plenty of action. If you’re even thinking about buying or selling, let me know and I’d be happy to dive into your specific needs and help you navigate this crazy market!
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