If no new properties were added to the Oahu market, the current supply of houses would sell out in less than three months.
That's according to a new analysis from Location Hawaii, which says Oahu's "months of remaining inventory" measure is at its lowest point in over a decade.
Meanwhile, strong competition for the homes that actually are on the market continues to keep prices high.
In January, the median sale price for a single-family home on Oahu was $730,000.
While that's down from $742,500 a year ago, many communities saw prices go up.
The median price for a single-family home in Kaneohe, for example, rose 23 percent over the last year to hit $931,000 in January. The median sales price for a single-family home in East Oahu was $1.2 million in January, up 41 percent from the same month last year.
The median sales price for a condo was $398,000 in January. That's up 6 percent from a year ago.
Locations Hawaii also said that to actually buy, it's now more likely that you'll have to "bid up," or offer a sale price above what the seller is asking. In January, about 40 percent of properties sold above their asking price in Ewa; That's up from about 25 percent a year ago.
Some other highlights of the group's report on Oahu's housing market in January:
Overall inventory remains low. And it's been that way since 2012.
There were just 843 active listings for single-family homes on Oahu last month (down 8 percent from a year ago). Some 257 homes sold.
Meanwhile, there were 1,230 active listings for condos on Oahu, and 393 completed sales.
The median number of days a home or condo remains on the market remains low -- just 22 days for homes, and 26 for condos in January.