April 2020 Oahu Real Estate - COVID19 Effects

Blog Post Image
Real Estate

While prices are up over April 2019, overall inventory and number of closed sales are down substantially.

There continues to be a slowdown in the number of new listings coming onto the market due to the stay-at-home order that went into effect on March 23. New single-family home and condo listings in the $1 million and up range saw the largest declines at 51.4% and 58.1% respectively when compared to this time last year. Meanwhile, as mortgage rates continue to reach all-time lows, lenders are tightening credit standards thereby limiting the pool of buyers that can leverage this opportunity in their favor.

Information provided courtesy of the Honolulu Board of REALTORS.