Although the yearly stat report comes out in a few days, we seem to be heading in a consistently positive market on Oahu. The number of closed sales for November 2012 over November 2011 shows a 15.5% increase from 251 units to 291 units for single family homes and a 9.0% increase from 333 to 363 units for condominiums. Year-to-date closed sales rose 6.2% for single family units and rose 6.4% for condominiums.
Oahu Housing Prices Increase While Inventory Decreases
That is not all the good news, prices have increased and inventory has decreased by almost 50%. The statistics back up what we as professionals are seeing on the streets – multiple offers abound and buyers having difficulty finding any property.
I was at a lottery drawing for homes out in Ewa for a client and there were 15 homes available and about 80 people there trying to get a number. Luckily, my clients got number 3 and the home of their choice, but most people left disappointed and without a home, for the time being.
So, as we ring in the New Year around the world, our world of real estate sales is looking stronger and stronger as each month passes. What we will be focusing on this year…getting more homes to sell because we have more buyers than homes to choose from.