The Real Estate market on O’ahu is in a constant state of evolution and Honolulu has been roiling in cash transactions these days as investors and first-time homeowners scramble to purchase what little there is in inventory. If you are interesting in purchasing property in Honolulu be prepared to make a cash offer with a quick close.
There is some hope and succor for first-time home buyers, however. The not so affordable reserved housing in Kaka’ako offers first timers exceptional terms on loan programs that have been tuned to the local market. Exceptions such as 100% gifted down payments or employment waivers with co-signor give families the ability to pay for and support younger generations in the acquisition of Real Estate.
Single-Family Home Resales | ||||
---|---|---|---|---|
Number of Sales |
This Month Compared To |
Median* Sales Price |
This Month Compared To |
|
March 2016 | 297 | $725,000 | ||
March 2015 | 244 | 21.7% | $700,000 | 3.6% |
Condominium Resales | ||||
Number of Sales | This Month Compared To | Median* Sales Price | This Month Compared To | |
March 2016 | 491 | $385,000 | ||
March 2015 | 403 | 21.8% | $380,000 | 1.3% |
―There’s been no letup in demand for housing on Oahu, as March’s statistics clearly demonstrate, said Kalama Kim, 2016 president of the Honolulu Board of REALTORS®.
― Sales of single-family homes and condos showed huge growth compared to the same month in 2015, and the days on market for both types of housing were very low, indicating high demand and quick sales. As a result, we’re seeing housing inventory shrinking fast, with the current number of single-family homes at 844 – a level not seen since April of 2005. The historical low is 784, recorded in April 2004. It appears housing inventory for single-family homes is approaching critical levels. That said, homebuyers should keep in mind that there are still homes available at different price points. For instance, 135 single-family homes sold for under $700,000. More than half of the condos sold were for $400,000 or less. Still, the lack of inventory is a reminder of the need for more housing to meet the continued strong demand.
Please contact HI Pro Realty LLC for expert Real Estate sales and Property Management Services in Honolulu and Greater O’ahu.
Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,200 boards of REALTORS® in the nation, and, with more than 6,000 members, is one of the largest trade organizations on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry who pledge to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.hicentral.com.
High Demand and Low Inventory, Are We Hitting Critical Mass on O‘ahu?
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