Oahu Condominium Median Price soars to record high in July

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Anne Cicero

Locations

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Oahu Condominium Median Price soars to record high in July

New listings increase for both single-family homes and condos

HONOLULU – (August 2, 2017) – Locations – Hawaii’s leading real estate firm – published its Oahu Residential Real Estate Report for July 2017. The report, which analyzes sales activity for more than 350 Oahu neighborhoods, concludes that the Oahu real estate market is continuing to show strong and steady growth, with increasing sales figures, rising prices and a competitive buyer’s market in July with Days on the Market remaining at near-record lows.

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

• The Oahu condominium median price hit an all-time high of $425,000 in July. The previous record of $419,500 was last reached in April 2017. Prices will likely continue to rise in 2017.

• Days On Market are at near-record lows for both single-family homes and condos. Especially for condos, with a median 15 days on market -- sellers are accepting offers in just 2 weeks.

• Condo active listings are up all across Oahu. Several market areas have sizable increases in the number of active listings, some in affordable price ranges. There are also increases in active listings outside of typical condo markets, including Waimanalo, Upper Windward, North Shore, Wahiawa and Waipio.

• The market is increasingly competitive. As more homes and condos are bid-up over asking, prices are pushed upward. In July, 1 in every 3 homes sold and 1 in every 4 condos sold were bid-up over asking price.

• Inventory Remaining for both single-family homes and condos is at record lows in 2017. If no new properties came on the market, the existing supply would sell out in less than 3 months.

“The Oahu real estate market continues its steady climb in 2017. An uptick in new listings for both single-family homes and condos is welcomed news for prospective homeowners; however, demand continues to outpace available inventory, resulting in rising median prices and near record-low Days on Market,” says Scott Higashi, President and CEO of Locations.

“With interest rates still below 4 percent, purchasing power remains strong. To win in this fast-paced market – particularly in the condo market – homebuyers should remain persistent and partner with a knowledgeable Realtor who can give them an advantage in this competitive environment.”

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