As median home prices continue to rise, more sellers are beginning to test the waters. Active listings for both single-family homes and condos are at their highest levels since March 2012 and November 2011, respectively. Months of Remaining Inventory (MRI) for both single-family homes and condos also increased, pushing both to 3.3 months. MRI is the amount of time it would take for all current inventory to sell if no new inventory be-came available. A balanced market is considered to have six months of remaining inventory.
Market areas that have seen especially high demand in the past 12 months include Ewa, Mililani and Pearl City-Aiea. These market areas have high bid-ups, very low Days on Market and very low Months of Remaining Inventory, for both single-family homes and condos. With median prices in these areas hovering around Oahu’s overall single-family home and condo median prices, these market areas are particularly attractive to first-time homeowners.