More than half of Oahu's single-family home neighborhoods and condominium buildings have more available inventory than last year and a decrease in bid-ups. For home sellers, who may have faced a smaller buyer pool and longer days on market over the past several months, lower interest rates are welcome news, as more buyers may come back to the market. Median prices also rose in 66 percent of single-family neighborhoods and 60 percent of condo buildings, indicating demand is still strong.

With more homes and condos currently for sale than we've seen in years, and interest rates that are returning to last year's levels, now is an opportune time for first-time homeowners, current homeowners who are looking to trade up or real estate investors looking to diversify their portfolios.

Several favorable market conditions are combining to create a window of opportunity for prospective homebuyers in early 2019.

The Oahu real estate market closed out 2018 with its eighth-straight year of appreciation. Home sales peaked in June of last year, while condo sales hit a high mark in April. Days on Market began ticking up for both single-family homes and condos in July, and reached a high point in the year in the month of October. However, listings are still going into escrow in less than four weeks.