Hawaii real estate growing stronger

Unlike the national real estate market, the Hawaii real estate market continues to grow stronger.  The existing home sales numbers released by the National Association of Realtors paints a somewhat dismal picture on the national market.  The most striking figure is the months of inventory growing to over 12 months.  That means that at the current pace of sales, it would take 12 months to sell the existing available inventory.  A healthy market begins to occur when it is under 9 months.

However, Hawaii is another story.  July’s figures for months of inventory showed a total of 6.3 months of inventory for single family homes and at the latest check for the past 30 days it is 6.38 months of inventory.  The average sales price for the month of July for a single family home in Honolulu was $732,348 and for the past 30 days it is 1.6% higher at $744,008.  Also the days on market were roughly the same same at about 65 days which is much shorter than what is happening nationally.

With these generational lows in mortgage rates, it is a fantastic time to buy.  If you want more information or help in finding your dream home in Hawaii contact Malia L. Meenderman, R, our principal broker.