Single-Family Homes on O‘ahu Are Being Snapped up Quickly

Single-family homes are spending just 17 days on the market.

Single-family homes on O‘ahu spent 17 days on the market last month, a sign of the strong demand and aggressive buying on the island.

The 17 days on market is down from a median of 20 days from May 2014, and is the lowest since it hit just 15 days on August 2014, which tied a record low set in June 2005, according to the Honolulu Board of Realtors.

“Days on market” is how long a home takes to get an accepted offer after being listed. It is just one indicator of the market conditions. Generally, the longer a home takes to sell, the less demand from buyers in the market, and vice versa. A month or less on the market shows demand is high.

Condos on O‘ahu spent 23 days on the market. That’s up a couple days from May 2014.

Meanwhile, the median price of a single-family home in May rose 2.3 percent from the same month last year to $698,000, according to the latest statistics from the board. The median price for condominiums increased by 5.6 percent from to $375,000.

“This past May saw median prices for single-family homes and condominiums rise,” said Jack Legal, board president. “The statistics are very similar to those of May 2014.  We’re seeing improvement in the inventory of homes and condos, but demand remains high for housing at all points of the pricing spectrum.”

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