The HRI Monthly | Local Articles & Listing Updates | June 2021

June 2021

Hi Friends & Neighbors!

If you’re in the market to buy a home, you know firsthand the tight supply of listings. In May, Honolulu County had just 1.6 month’s supply on the market, compared to May of 2019 and 2020, both averaging 3.9 months supply.

But homes aren’t the only thing coming up short. Lumber, furniture and appliances are all seeing delays and higher prices. You know this, too, if you’ve recently tried to install a deck or remodel your kitchen.

From townhomes to two-by-fours, the real story is that markets are still figuring things out. Last year was anything but normal, and changing lifestyles led to changes in consumer demands. Supply has tried, but often failed, to keep up.

Even as production ramps back up, demand is still far higher than before in some sectors. In March 2021, furniture sales swelled to $11.6 billion compared to just $7.9 billion in March 2020.

The fast pace of real estate shows no signs of slowing either. Mortgage rates remain below 3%, a very attractive entry point for millions of homebuyers predicted to enter the market this year.

So, if you are thinking of buying or selling a home, or if you know someone who is, we urge you to reach out soon to discuss your options! Whether you’re looking to upgrade, “right size,” move closer to family or more, we’ll collaborate on the right strategy to meet your goals.

And if you want a custom kitchen appliance package before Christmas, you might want to place your order now!

Warmly,
Mike & Lisa Styring
Hawaii Realty International