The Oahu real estate market report is in and the market remains very strong!
A key indicator of market conditions is the months supply of inventory. This is basically the balance between supply and demand. It's been in a range between 2-3 months of inventory for a few years now. Meaning that if no new listings came to market that inventory would be fully depleted within 2-3 months. This is historically a very low inventory level and seems to be rangebound.
For you potential Sellers out there now may be the best time to sell. The number of active listings is at the higher end of the range since 2016 and with rates moving up along with prices, Buyers may begin to think twice about the overall cost relative to their budget.
Interestingly the days on the market (DOM) statistics for higher priced single family homes ($1.9 million and up) has been declining since January of 2017. At that time DOM was just shy of 80 days and now it's 44 days, perhaps indicating that higher end home buyers are becoming more confident and aggressive.
The Kailua real estate market continues to be a strong one!
Single family home median sales prices climbed 8% over June 2017 while unit sales were lower by 24%. The median days on the market for a single family home was only 9 days and on average the sales price was 100.4% of the listed price.
Condo median sales prices were up 22% over the same month last year!
Using our unique strategies over 95% of our clients offers are accepted by Sellers even when multiple offers are received!
Call today if you're in the market to buy or sell.