Realtors say Oahu inventory of homes for sale at lowest level si - Hawaii News Now - KGMB and KHNL

Realtors say Oahu inventory of homes for sale at lowest level since 2005

(Image: Hawaii News Now/File) (Image: Hawaii News Now/File)
HONOLULU (HawaiiNewsNow) -

Strong demand has shrunk the available inventory of Oahu single-family homes on the market to its lowest levels since April 2005, the Honolulu Board of Realtors said.

In March, there were 844 single-family homes for sale on Oahu.

The lowest inventory on record was in April 2004, when 784 homes were available for sale. (The tallies don’t include new home sales.)

The inventory is typically well above 1,000.

“There’s been no letup in the demand for housing on Oahu,” Kalama Kim, Honolulu Board of Realtors president, said in a news release.

“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.”

In March, there were 297 single-family home re-sales on Oahu, and the median sales price was $725,000.

In the same month last year, 244 homes sold, and the median sales price was $25,000 lower.

Condo sales were also strong in March: 491 sold, compared to 403 in the same month last year. The median sales price for a condo in March was $385,000.

Meanwhile, the median number of days single-family homes were on the market in March was 18, compared to 23 days the month before.

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