Hawaii Real Estate starts Here!

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.

When the market began to slow here in Hawaii in the Fall of 2007, interestedly enough the median sales price from month to month did not decline very much. In fact it stayed at $650,000 and $655,000 for the first half of the Fall before decline to $610,000 for both November and December.  Keep in mind that our highest ever median sales price was $685,000 earlier that year.  During this Fall the days on market slowly began to slide to 51 days and then increasing into 2008.  So, another encouraging sign from this past week’s release of the latest Honolulu statistics was the decline in the days on market (DOM).  The DOM reached a lengthy 71 days which is considered rather long for Oahu if you examine the history. But, with delight I saw that the average DOM for a single family home has dipped to 49 days, a decline in over 30%.  This is simply amazing.