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Snapshot of Oahu Hawaii’s real estate market for 1st quarter of 2019: The inventory of homes for sale on Oahu is growing by the week. The inventory of single family homes has grown 33.6% year over year. Sales prices are down 2.8% year over year. Conventional thinking is values will rise 2% in 2019. But in the past when inventories outpaced sales the values tend to get static or fall slightly as the buyer gains the edge in negotiations.
The sales volume has been slowing since June of 2018. March is when we see a seasonal uptick in sales as we hit Spring. We’re down 9.5% in units so far year over year. Overall prices are holding and well priced homes move quickly as the demand is still there. If sellers want to sell they have to price right in the current market.