The Honolulu Board of REALTORS® recently released January’s Monthly Statistical Report. While scrolling through the report, the “Months of Inventory” statistic caught my eye.
For single-family homes, there was 2.4 months of inventory. This was a 7.7% decrease from the same time last year. Likewise, for condos, there was 2.4 months of inventory too. This was a 17.2% decrease from January 2016. In other words, if no new homes were listed on the MLS (in January), our current inventory of homes would sell out in less than 3 months.
To put things into perspective, in January 2010, there were 6.1 months of remaining inventory for single-family homes, and there was 6.2 months of remaining inventory for condos.
Do to the lack of inventory, our housing market still remains competitive. When my Buyers submit offers, it isn't uncommon for the Seller to counter multiple offers at the same time.
With interest rates rising, it’ll be interesting to see where our housing market goes in 2017. Will the boom continue? Or did we reach the peak of our market?
-RO