“Prepare housing market for ludicrous speed! Fasten all seatbelts, seal all entrances and exits, close all shops in the mall, cancel the three ring circus, secure all animals in the zoo!”
It’s amazing to see prices continue to rise, but with limited inventory and uncertainty in the marketplace, it’s easy to see why. Elections? Low Interest Rates? Rail? Job market? There are a lot of reasons why people are looking to settle into a new home, and competition is fierce!
With only about 3,000 active properties on the entire island of O’ahu (condo & single-family homes), it’s no wonder that there is a lot of competition for buyers in the market. The market shows condos as the biggest gainer, possibly due to the squeeze down from high home prices. It may also be due to the fact that many of the Sellers coming from houses are taking advantage of the juicy market and opting to downsize. Either case, it will be interesting to see if this trend continues through the summer.