Seventy-Five Percent of Oahu Condominium Neighborhoods Had Fewer Listings in March 2021
Nearly one-third of neighborhoods had no condos for sale last month
HONOLULU – (April 23, 2021) –With 1,338 resale condominiums and townhomes for sale at the end of March 2021, condo listings are below typical levels, according to the latest research from local real estate firm Locations.
“As prospective single-family homebuyers are facing escalating prices and record-high competition this spring, some buyers are turning to condos and townhomes as an alternative,” said President and CEO of Locations Jason Lazzerini.
“As a result, condo sales nearly doubled last month over the previous year—the most for the month of March since 2006,” he added. Resale condo inventory is below the previous year’s levels in all of Oahu’s 15 condo market areas. The steepest decline was in the Kaneohe market, which saw just 14 condos for sale at the end of last month, compared to 46 at the same time last year. The smallest decline in listings--eight percent--is in the Leeward market, which had 57 condos for sale last month compared to 62 the previous year. Drilling down to the neighborhood level, Locations’ research found that just 14 percent of all condo neighborhoods have more units for sale than a year ago.
“Condos are very popular right now, as they are typically more affordable than a single-family home and many offer a variety of attractive amenities,” Lazzerini added, noting that Oahu has a wide variety of condo types—from studios to three- and even four-bedroom townhomes. With 3.1 months of remaining inventory, condo sellers have an edge but buyers have more options—and less competition—when compared to extremely limited single-family home inventory (six months of remaining inventory is considered to be a balanced market).
“If a single-family home is not within reach for some first-time homebuyers, it’s better to invest in a condo now and start building home equity to position yourself for the future. Many new condos in the urban core offer affordable and reserved units for those who qualify,” noted Lazzerini. Condo owners and prospective buyers should contact a knowledgeable Realtor® with access to neighborhood-specific data before listing or purchasing a home. Oahu market-area data is updated monthly at LocationsHawaii.com.
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