Oahu Condo Median Price Ties for Highest on Record

MEDIA CONTACT:

Anne Cicero

Locations

anne.cicero@locationshawaii.com

808-738-3266

Oahu Condo Median Price Ties for Highest on Record

Homeowners continue to see increase in home equity

HONOLULU – (October 3, 2017) – Locations – Hawaii’s leading real estate firm – published its Oahu Residential Real Estate Report for September 2017. The report, which analyzes sales activity for more than 350 Oahu neighborhoods, concludes that Oahu home values continue their steady climb into fall, with condo median prices tied for the highest median price on record and Days on Market remaining at near-record lows.

Locations presents the following highlights of the Oahu real estate market:

• The Oahu median condo price hit $425,000 in September, tying for the highest condo median on record. The same median price was reached in July 2017, just two months ago. Prices continue to rise in 2017 over previous years.

• Homes are selling faster than ever. The median days on market for Oahu homes hit 16 days – sellers are accepting offers in just over 2 weeks.

• With prices rising steadily for the past several years, home equity is on the rise all across Oahu. Homeowners who purchased a home more than five years ago could have $150,000 or more in home equity.

“One of the primary benefits of homeownership in Hawaii is that home values continue to increase over time. Homeowners who purchased a single-family home at the median price in 2012 or before could now have $150,000 or more in home equity,” says Scott Higashi, President and CEO of Locations.

“In our current market, the combination of still very low interest rates and home equity built over time is allowing move-up homeowners to find the home that best suits their needs. However, homeowners need to be prepared to act quickly when they find the home of their choice. Half of all single-family homes sold in less than 16 days in September. A bright spot for condo buyers is that there were more condos for sale this summer than last summer.”

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