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  • For almost a decade, sellers have had leverage in negotiating prices and terms because of high demand and low inventory. The tide may finally be changing. According to the Honolulu Board of Realtors Monthly Stats Report for sales through May 31, 2022, the inventory of single family homes on O’ahu rose by 39.8% as compared to the same period last year. If this trend continues, buyers may soon have more choices and compete with fewer offers when they find the property that is right for them. Keep in mind that inventory has been at such low levels that a large leap like 39% doesn’t mean there is a home for every buyer. In some neighborhoods around the island, we still see multiple offers and prices are still rising, evidenced by last month’s median sales price of $1,153,500, which is a record high for O’ahu.

  • According to the Honolulu Board of REALTORS® Monthly Statistical Report (Results through April 2022), active inventory of single family homes for sale increased by 3.7% compared to the same time last year and 9.7% as compared to the prior month (March 2022). Buyers have been waiting for years for more homes to choose from and a neutral market after a half-decade of hyper-competition and limited choice. That said, while inventory is increasing for single family homes, the opposite is occurring in the condominium and townhome segment, which experienced a 19% drop as compared to the same month last year.

  • Aloha, The inventory crunch continues for yet another month as new homes for sale dropped during the month of March by 6.2% for single-family homes and .1% for condominiums/townhomes.