Text: CENTURY 21 Hawaiian Style
Statistics & Data Courtesy of: Honolulu Board of Realtors (HBR)
The Covid-19 pandemic had a profound effect on economies across the globe, with real estate in the United States amongst the fields most affected. In Hawaii, the real estate market saw a marked decline. This same time last year, sales of single-family homes were up by 22.5%.
Perhaps the hardest hit on O'ahu was condominium sales, with market data showing a decline of just over 51%.
But not all changes are bad.
Markets shift, and amidst the shifts, there are opportunities for buyers and sellers alike.
Silver Lining: Now is The Time to Purchase!
Despite the overall decline in market activity, single-family home sales remain relatively stable and strong, with the market displaying an obvious demand in supply. On average, single-family homes saw a days-on-market median of just 13 days, for properties ranging anywhere from $600,000 to $900,000.
Additionally, in April, statistics reflected that sellers were eager to list, as the total number of new listings on the market increased by 17%. Even better news: of those listings, we observed a 32% increase in listings entering the escrow phase throughout the month, topping off at the end of May.
If you're looking for a new home right now, taking a look at the statistics, numbers, and facts will no doubt help to quell trepidation on moving forward. According to the Mortgage Banker's Association, 30-year fixed mortgage rates are at a record low right now, averaging at just 3.15%, which makes this the perfect time to finance for your your first mortgage.
As with everything in life, timing is of the essence. Also reported by the Mortgage Banker's Association is an influx of new mortgage applications. This makes sense, given the low rates! Across the nation, the numbers reflect upwards of 54% increase in new applicants. That's an 18% increase from 2019!
You'll want to get in touch with someone who specializes in Hawaii real estate. Here at CENTURY 21 Hawaiian Style, our Agents and Brokers have a combined total of over 30+ years of experience in helping individuals and businesses buy and sell properties all across the State.
Take these first steps:
1. Make an appointment to speak with a licensed and experienced Realtor. We are here for you 7 days a week by appointment. Call (808) 955-6551 or email firstname.lastname@example.org to request your free consultation.
2. Speak to a trusted loan officer to get pre-approved for financing. Knowing your price range is important for finding your perfect home in the most efficient manner. This will also aid your agent in helping to find you the right property within your price range.
Get started today! Call us at (808) 955-6551 or email email@example.com
to request a free consultation with one of our experienced sales agents!
Whether you're looking to buy or sell, now's the time to inquire about which options are most advantageous to you. We look forward to servicing you!