Low housing inventory (Honolulu, Waipio: sales, real estate, condominiums)

[pj737]

Here is an update on current Oahu home prices/inventory. 2.1 months remaining inventory is insane. Still, UHERO's projection of $800K for SFHs next year seems aggressive. Condos will most likely surpass $400K but only because all the new inventory is mostly high end condos in the urban core.

Here are a few snippets from today's Star Advertiser article -


The Honolulu Board of Realtors report released for publication on Wednesday said the median price for single-family homes sold last month was $725,000. That was up 4 percent from $700,000 in the same month last year and was third highest for any month. The record was $733,500 in January following the prior high of $730,000 in September.

For condominiums, the median sale price in March was $385,000. That was up 1 percent from the $380,000 median a year earlier and just shy of the $386,250 record set in December.

Kalama Kim, president of the trade association for Oahu real estate agents, said housing inventory is shrinking fast. There were 844 single-family homes on the market at the end of March. That was down from 1,118 in February and was the first time in three years that inventory dropped below 1,000. The all-time low was 784 in April 2004.

“It appears housing inventory for single-family homes is approaching critical levels,” Kim said in a statement. “There’s been no letup in demand for housing on Oahu.”

There were 297 single-family home sales last month, up 22 percent from 244 sales a year earlier. Condo sales also surged 22 percent, to 491 last month from 403 a year earlier.

If the current pace of sales continues and no new inventory is added to the market, the existing inventory of single-family homes would be exhausted in 2.1 months and the inventory of condos would be exhausted in 2.3 months, the report said.

This measure known as months of remaining inventory had been running between 2.6 and 3.7 over the last two years. The last time it was as low as it was in March was in 2005.

The University of Hawaii Economic Research Organization published a report in February that projects median Oahu home prices will make single-digit percentage point gains to set new records this year, and that the modest gains would push the median single-family home price close to $800,000 by next year while the median condo price would top $400,000.

[whtviper1]

It is important to note regarding median home prices - that is island wide, therefore expect a much higher median in the more desireable neighborhoods closer to downtown.

West and Central Oahu as well as the North Shore drag down the median.

[Mikala43]

Originally Posted by whtviper1

It is important to note regarding median home prices - that is island wide, therefore expect a much higher median in the more desireable neighborhoods closer to downtown.

West and Central Oahu as well as the North Shore drag down the median.

A large part of the new houses in Ewa are going for 1M.

[ScottStielow]

This might help a little. But the build will not start until 2018.

Supreme Court ruling paves way for Koa Ridge development.


Koa Ridge will build 3,500 residential units between Waipio and Mililani, on land across the street from Costco.


Supreme Court ruling paves way for Koa Ridge development | KHON2

[Mikala43]

Ho'opili is still coming in. I'm guessing someone is suing them to stop it right now. Thought they were looking at 2018?