Confidence is returning to the Hawaii Real Estate Industry for both buyers and sellers. Record low interest rates and people returning to work are driving demand and pushing buyers back into the market which is in turn pushing sellers to put their properties on the market.
While sales are still below what they were at this time last year, the month over month increases in number of sales continues to be a promising sign. Condo sales have declined more drastically, a 17% decrease when compared to July 2019, and single family home sales have dropped only 3% when compared to July 2019. Compared to June 2020, condo sales have increased 36.5% and single family homes have increased 19.5%.
This trend remains true for new listings as well. Hawaii Central reports that while new listings are down for single family homes and condos when “compared to last month new listings for single family homes and condos are up 7.7% and 9.9% respectively.”
While there has been this uptick in new listings in recent months, overall inventory still remains low. The pool of buyers is high and continues to increase because of the low interest rates, so if you are thinking about selling if might be a good time to reach out to your favorite Realtor to discuss your options.