Oahu Real Estate Statistics 2012
Wow, what a year for real estate on Oahu! The above image (supplied by the Honolulu Board of Realtors) demonstrates the drastic changes that occurred in the Oahu real estate market during 2012. There are several key statistics that buyers & sellers should be watching in order to get educated about the trends in our real estate market. Below is a quick recap for 2012…
1. Supply and demand is the most basic of economic concepts, and our supply of homes for sale has dropped dramatically in most every neighborhood on the island. The drop in inventory ranges from -8% for Mililani real state to -46% for Waipahu real estate. The limited supply of homes on Oahu is causing the real estate values to increase in most every neighborhood on the island.
2. The number of days on market has also dropped dramatically in most neighborhoods, however a handful of neighborhoods have seen a slight increase in the number of days the home has been listed. The biggest drop in days on market is in the Ewa real estate market with a 77% reduction in the number of days on the market before an offer was accepted. The largest increase in the number of days on the market was in Makakilo with a 59% increase. Despite the increase in the number of days on market, Makakilo has an average of 54 days on the market.
3. Interest rates continue to hover at near historical lows, but all indicators point to slight increases during the year. As the economy continues to strengthen, we’ll also start to see lenders becoming a little more flexible in their loan requirements.
In the event you are considering buying or selling real estate on Oahu, please let us know how we can help you! Our team has over 30 years of real estate sales experience, and we would appreciate the opportunity to provide real estate services that meet and exceed your expectations. Please call us at 808.294.1794 for a no obligation assessment of your real estate goals!
