February 2017 home prices soar to record-breaking heights

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Dan Richards

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February 2017 home prices soar to record-breaking heights

Inventory for sale reaches record lows, driving demand and bid-ups over asking price

HONOLULU – (March 3, 2017) – Locations – Hawaii’s trusted leader for the most current, accurate real estate data – published its Oahu Residential Real Estate Report for February 2017. The report, which analyzes sales activity for more than 350 Oahu neighborhoods, concludes that Oahu real estate is off to a strong start in 2017, with rising prices, low inventory for sale, and competitive conditions continuing in February.

• Oahu Home prices hit $760,000 in February 2017, the highest on record. February median sale prices are $760,000 for single-family homes and $390,000 for condos, up 9% and 3% respectively from last year.

• Prices will likely continue to rise in 2017. As strong competition continues, more homes and condos are bid-up over their asking price, and median prices are pushed upward. In February, 1 in every 3 homes sold and 1 in every 4 condos sold were bid-up over asking price.

• Condo sales are starting off strong in 2017, with year-to-date sales up 14% over 2016 and up 30% over 2015.

• Inventory for sale is at record lows, and demand is high. Low inventory and pent-up demand are the main factors driving the competitive Oahu market. If no new properties came on the market, the current supply of listings would sell out in under 3 months.

“The competitive market is driving sales volume and prices, with more condos being bid-up over asking price in response to the low inventory and pent-up demand. In February, 25% of all condos sold were bid-up over asking,” says Scott Higashi, CEO of Locations. “Based on the current market trends, we can expect to see strong condo sales outperforming previous years as we progress into 2017.”

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