Market Update November 2016

Market Update November 2016

Inventory for sale remains Low

Low inventory is one of the main factors driving the competitive market. Inventory has remained near historically low levels since 2012.

 

Prices continue to rise in 2016

over previous-year levels.  The November median sale price of $750,000 for single-family homes and $395,000 for condos are up 5% and 14% from a year ago.

 

The market is moving very fast

with homes and condos selling much faster than November last year.  The median home for sale goes into contract in just 18 days and condos in just 19 days.

 

Sales slow toward holiday season

After the summer months, there are fewer new listings and the number of Days on the Market increases which result in properties taking longer to sell. 

 

Mortgage rates have bounced above four percent

following the presidential election results. Bank rates are projected to rise in December 2016 and again in 2017, mortgage rates are expected to rise to the mid-four percent through 2017. Impact on the Oahu real estate market activity is slated to be minimal.

Combining experience in renewable energy and real estate, I strive to deliver innovative and creative solutions to common problems in the industry.

Whether you're looking to buy and sell your investment properties or start the next solution in real estate technology, I want to hear from you.