Locations research points to rising prices throughout 2018

MEDIA CONTACT:

Anne Cicero

Locations

anne.cicero@locationshawaii.com

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Locations research points to rising prices throughout 2018

Quarterly Oahu real estate market data released

HONOLULU – (April 23, 2018) – Locations – Hawaii’s leading real estate firm published its Oahu Residential Real Estate Report for Q1 of 2018, which showed a 3.3 percent increase in median single-family home prices and an 8.3 percent increase in median condominium prices over Q1 of 2017. There was also a significant drop in Days on Market over the first quarter of the previous year, from 22 days to just 17 for single-family homes—a 22.7 percent decrease—and from 22 days to 20 for condominiums—a 9.1 percent decrease.

“With the close of the school year and summer vacation looming, late spring and summer are historically very strong seasons for real estate, so we expect to see rising prices and falling Days on Market continue in Q2 and Q3,” said Scott Higashi, president and CEO of Locations.

For the past three years, single-family home sales peaked in Q3, while single-family home median prices peaked in Q4 of 2015 and 2016, and in Q3 of 2017.

In 2015 and 2016, condo sales peaked in Q2, while in 2017, condo sales peaked in Q3. Condo sales for Q1 of 2018 were markedly higher than Q1 of 2015 and 2016, and nearly flat compared to Q1 2017 (1,281 vs. 1,287). Peak quarterly condo median prices varied a bit more over the past three years—peaking in Q1 2015, Q4 2016 and Q3 2017.

“It’s also interesting to note that for the last two years, we’ve seen the median sold-to-list price ratio for single-family homes peak at 100 percent in the second, third AND fourth quarters. Condo median sold-to-list-price ratio reached 100 percent in Q2 and Q3 of last year,” Higashi said.

“If 2017 is any indication, we anticipate that sellers—provided their homes are priced appropriately—will receive their asking price, or close to it. Future homeowners can expect to see higher prices in the latter half of the year, so if you’re in the market for a new home now is a good time to contact your REALTOR®.”

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