Low inventory and rising prices continued into March, as reflected by the latest figures released by the Honolulu Board of Realtors this week.
View Oahu’s most current 5 Year Neighborhood Median Price & Inventory Levels in PDF format.
While the island continues to faces a huge inventory drought, there’s no shortage of homebuyers eager to jump into the market this spring.
Prices are up. The number of single-family home sales is up. Days-on-the-market is shorter and months-of-inventory-remaining is scant.
The annual percent increase in prices was a modest, healthy, and stable rise — single-family home prices up 2.7%, and condos gained 3.8%.
Oahu’s gross valuations of residential properties have grown about 6.1 percent.
Year-to-date prices, sales volume, days on the market, and sales pending — all exceed the pace set in 2016.
Median prices of single-family homes and condos continue to trend upward.
Prices are on the rise, but not too fast — at a healthy rate. These are not boom-level indicators, but reflect modest, sustainable increases, based upon solid economic rationales.
Condo sales are up 19.5% in August — an indicator that condos and townhouses remain an attractive alternative to single-family homes for homebuyers desiring a more affordable price point.