Hawaii's Real Estate market is at its best!

Good news Oahu!  Home sales are up - way up!  The most recent monthly data shows the number of condominium sales that closed this March increased by just over 73% from a year ago.  585 transactions closed in March of 2013 compared to 338 transactions in March of 2012 (247 more)!

The pace of sales significantly improved as well.  Single-family homes are selling in half the time - 22 days this March as compared to 44 days a year ago.  Condos are selling in less than half the time - 15 days this March as compared to 39 days a year ago.

According to statistics collected by the Honolulu Board of Realtors (HBR), pending sales in both categories are up as well which indicates an upward trend in sales for the coming months.

Data recently released by HBR also indicates the number of active listings is down.  This is a continuing pattern indicating a decrease in inventory.  The shortage of inventory is typically a leading factor in rising prices.

With the summer selling season upon us (the months that typically show the highest number of home sales) current trends suggest market conditions will continue to remain positive and will likely improve.  The short number of days on the market, higher prices, and the large amount of sales is viable, considering the continued low mortgage rates and predictions that the summer will bring strong buying activity.

 

Author:

Michelle Trimmell, RA, MBA