2015 is starting right where 2014 left off, with inventory at record lows resulting in prices at record highs on Oahu and most of the outer islands. Surprisingly, interest rates remain low as well. The result is that people are snapping up properties as soon as they hit the market! More often than not, sellers are receiving offers at or above their listing price in less than 30 days! In fact the average DOM (days on market) has not changed much from last year: 25 days for SFRs and 23 days for condos and townhomes!
Investors are snapping up Waikiki condos as we are seeing existing record tourism levels continue to climb and demand for vacation rentals rising. There is a good deal of pressure on rents, both for vacation rentals and long term rentals and investors are reporting record returns on their investments (ROI).
It is more important than ever to choose an experienced and knowledgeable agent, who understands the overall general market as well as the nuances of each individual neighborhood.
If you are interested in buying or selling, or would like information on specific neighborhoods, please don’t hesitate to contact me. I am available by phone, email or text. I have more than 15 years of real estate experience as well as a prior background in mortgage lending and appraising.
Let me help you put a foundation under your dream.