Text & Images: CENTURY 21 Hawaiian Style | Statistics & Data Courtesy of: Honolulu Board of Realtors (HBR)
We are seeing signs of robust market activity for Hawaii real estate early-on in 2021.
The real estate market in Hawaii is seeing record demand in terms of sales this year. Thanks to increased efforts in making VA loans available coupled with record-low interest rates, the demand for Honolulu real estate has never been higher.
What does this mean for you if you are in the market to purchase?
Statistics from the Honolulu Board of Realtors (HBR) show that the median price for a single-family home came in at $883,000 at the beginning of the year. As February comes to a close, that price has soared to $917,500, a 3.9% increase over the median at the beginning of the year. These properties are staying on market an average of only 9 days! This means that if you're in the market to buy, the sooner you make the move, the better. With properties receiving multiple offers, and demand for Hawaii real estate higher than ever, delaying might mean missing out on owning your dream property!
If the price tag on these properties sounds hefty to you, consider the low-interest rates as a window of opportunity. Statistics show that the properties selling early in the first quarter of 2021 have been going predominantly to residents and second-time homebuyers. Put in percentage, we are looking at an average of 80%.
The takeaway? Act now!
Patrick (R) (GRI) & Takako McMillen (R)
Owners & Principal Brokers
CENTURY 21 Hawaiian Style
With over 31+ years of experience in the real estate market in Hawaii, CENTURY 21 Hawaiian Style has been a trusted resource for all things real estate. Whether you are a first-time homebuyer, looking to make another investment purchase, or interested in listing your property, we can help!
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