Oahu real estate listings are way down

The number of active Oahu real estate listings of single family homes are way down, declining 19.4% from last year. The scarcity of available homes makes these properties sell more quickly and for more money. The most recent Honolulu housing statistics show only a 2.6% increase in the median sales price to $600,000, but lack of inventory is taking its toll on buyers. As we tweeted recently the homes are selling very fast lately with many homes selling in under 30 days of being on the market. This is forcing Buyers to take quick action on desirable properties and we are seeing more instances of multiple offers on properties. For the month of April we have seen the months of inventory (a gauge of how fast the current inventory is being sold) shrinking from 5.7 to 3.7 which is over 1 35% decline. What this figure means is that if no new house came on the market our current inventory would be completely sold out in 3.7 months as opposed to last year’s figure of 5.7 months. Normally when we see this incredible tightening in the market, we see a bump up in the median sales price.  If you would like more insight into the Hawaii real estate market statistics or if you are interest in your own piece of the Hawaiian paradise contact Malia Meenderman, R.