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OAHU REAL ESTATE UPDATE REPORT
OAHU REAL ESTATE UPDATE
Oahu is a popular island in Hawaii, and its real estate market has been on the rise for several years. The COVID-19 pandemic has affected the real estate market in various ways, and it is essential to understand the current state of Oahu's real estate market.
Overview of the Oahu Real Estate Market:
The Oahu real estate market has seen significant growth over the past few years, and it has continued to rise despite the pandemic's impact. The demand for properties on Oahu has continued to increase, and the inventory of homes available for sale has been decreasing. As a result, there has been an increase in home prices on the island.
WHAT'S YOUR OAHU HOME REALLY WORTH?
According to the Honolulu Board of Realtors, the median price for a single-family home on Oahu in February 2021 was $880,000, which is a 13.6% increase from February 2020. The median price for a condominium on Oahu in February 2021 was $440,000, which is a 6.1% increase from February 2020.
Factors Impacting the Oahu Real Estate Market:
One of the significant factors affecting the Oahu real estate market is the limited inventory of homes available for sale. There has been a significant increase in demand for properties on the island, but the supply of homes available for sale has not kept up with the demand.
Another factor impacting the Oahu real estate market is the low-interest rates. The Federal Reserve has kept interest rates low to support the economy during the pandemic. This has made it more affordable for people to buy homes, and it has contributed to the rise in home prices in Oahu.
Additionally, the pandemic has caused many people to reconsider where they live and work. Many people are looking to move to places with more space and a better quality of life. Oahu has become a popular destination for people looking for a change of scenery, and this has contributed to the demand for properties on the island.
Conclusion:
The Oahu real estate market has continued to grow despite the pandemic's impact. The limited inventory of homes available for sale, low-interest rates, and an increase in demand for properties have contributed to the rise in home prices on the island. It is essential to keep an eye on the market's trends to make informed decisions when buying or selling a property on Oahu.
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Peter Nicado is a pioneer, innovator, and influencer in the world of real estate.
He is a real estate broker with more than 20 years of experience who has built his reputation by providing a superior level of professional service and support to his Realtors.
Today, Peter is the CEO and principal broker of HOME LUXE Peter Nicado Group Realty in Honolulu. Peter Nicado is also an #1 International bestselling author, an internationally sought-after speaker, a popular TV host/producer of the LEVEL-UP TV program, which encourages people to Be more, Do more, and Have more in their career and life!
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1088 Bishop Street Suite 2310 Honolulu, HI 96813
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