Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Oahu’s residential real estate market began to feel the effects of Covid-19 in April, as single-family home sales fell 21%, compared to the same month last year, and condominium sales fell 28%, even as prices for both categories increased, according to data provided by Honolulu real estate firm Locations.
. . .
“While there were fewer sales in April, median prices for both single-family homes and condos were greater than last year — an indicator that Oahu housing values will hold steady, even as we see fewer sales,” he said. “Some good news for prospective homeowners and those homeowners looking to refinance is that 30-year fixed mortgage interest rates have once again hit an all-time low, at 3.23%.”
Going back to another thread I was reading on this site last week, this is not a reason to offer a lower price on homes just because sales are down. Sales may be down, but that doesn't mean the fair market value for the properties have gone down. Maybe they have, but its not an inherent thing.
I'm confident that if I wanted to sale my condo in Hawaii (bought for $460,000 in 2016) that I would get a fair price for it. But its a very nice property in a prime part of Honolulu. Many condos in Honolulu are actually pretty crappy. I'd expect those to have the hardest time being sold.
Not sure what your point is. The volume of home sales is down everywhere because there are a number of people scared to leave their house right now. Let alone, enter someone else's house that they don't know.
As already stated, sales volume is not the end all and be all metric to read the market. It's just one tea leaf among many that need to be read to get an accurate assessment. I know in my service area the volume of sales is WAY down and this would normally be peak selling season. This being said, there's still a significant imbalance here between supply and demand and prices are still rising and multiple offers are still pretty common.
Not sure what your point is. The volume of home sales is down everywhere because there are a number of people scared to leave their house right now. Let alone, enter someone else's house that they don't know.
As already stated, sales volume is not the end all and be all metric to read the market. It's just one tea leaf among many that need to be read to get an accurate assessment. I know in my service area the volume of sales is WAY down and this would normally be peak selling season. This being said, there's still a significant imbalance here between supply and demand and prices are still rising and multiple offers are still pretty common.
Agreed, we're in a weird supply and demand holding pattern right now. We have almost 2 months worth of houses that normally would have been listed during the spring rush that never hit the market, low supply means high demand.
The real test is going to be when everything starts to go "back to normal".. Are we going to have 2-3 months worth of houses hit the market at once and what impact will that have? Will people still be afraid to go see houses? Will banks loosing the lending requirements by then?
Agreed, we're in a weird supply and demand holding pattern right now. We have almost 2 months worth of houses that normally would have been listed during the spring rush that never hit the market, low supply means high demand.
The real test is going to be when everything starts to go "back to normal".. Are we going to have 2-3 months worth of houses hit the market at once and what impact will that have? Will people still be afraid to go see houses? Will banks loosing the lending requirements by then?
There's still a lot of unknowns...
Can't speak to a national level or even about what's going on in your area. However, my read is that there are plenty of buyers AND sellers sitting on the sidelines right now. Hence the remarkable reduction in sales volume. I don't anticipate when sellers get back in the game that the market will be flooded as there will be plenty of buyers jumping back in likely at the same time.
not every bank - probably not even 1/2 the banks - have unreasonably tightened lending.
I have no idea what the perceived value of the thread is. I had no idea that the Toronto or Hawaii markets had a significant effect on the US market at large.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
