Single-family homes for sale on Oahu are at a record-low, with fewer homes for sale today than at any other point in time since Locations began tracking the market more than 40 years ago. West Oahu neighborhoods in the Mililani, Ewa and Leeward areas are seeing the lowest inventory, and some of the highest buyer competition.

The initial effects of the coronavirus pandemic have passed, and Oahu market activity has returned to last year’s levels or better, as strong demand for housing and lack of supply for sale continues. With just 590 single-family homes for sale, inventory is at the lowest point in the 40 years that Locations has been tracking the Oahu real estate market. Record-low single-family home inventory, coupled with near historically low interest rates, pushed median home prices and competition to new highs in September, with four in 10 homes selling for above the asking price.

Today, the developer of the new Ililani condominium tower in Kaka’ako released an additional 32 new affordable units to be offered for sale to the public. Located at 615 Keawe Street, Ililani is the newest addition to the Kaka’ako neighborhood! The lililani condominium project will feature a mix of market and affordable housing units, right in the heart of Honolulu!

Oahu single-family home and condo sales have rebounded after dipping in the spring, as mostly local homebuyers are taking advantage of low interest rates to move to larger or more comfortable homes. A rise in remote work has also allowed some workers to consider neighborhoods outside the urban core that they may have previously excluded due to commute times. Already extremely competitive West and Central Oahu markets, like Ewa, Mililani and Pearl City, are becoming even more competitive as homebuyers look for larger floorplans and outdoor space. Sellers in these markets are at an advantage. With interest rates at all-time lows again—less than three percent for a 30-year fixed mortgage—homebuyers have increased purchasing power heading into the fall.