Oahu Real Estate Prices Hit Record Highs in June 2017

MEDIA CONTACT:

Dan Richards

Locations

dan.richards@LocationsHawaii.com

808-724-6854

Oahu Real Estate Prices Hit Record Highs in June 2017

Single family home prices reached $790,000, while days on market hit record lows

for both single family homes and condos, 14 days and 13 days respectively.

HONOLULU – (June 29, 2017) – Locations – Hawaii’s leading real estate firm – published its Oahu Residential Real Estate Report for June 2017. The report, which analyzes sales activity for more than 350 Oahu neighborhoods, concludes that the Oahu real estate market is continuing its strong and steady growth as new record prices were reached for single family homes in June at $790,000, with increasing sales figures and the lowest days on market.

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

• Single family home median price hits all time high at $790,000. The previous record of $760,000 was last reached in June 2016, August 2016 and February 2017.

• Days on market hit record lows for both single family homes and condos, 14 days and 13 days respectively.

• Condo bid-ups at highest level ever in June, with 27.8% of condos being sold for over asking price.

• Condo active listings are increasing, and have risen above last year’s count for the first time in almost 3 years.

“The Oahu real estate market continues to reach new highs as demand simply exceeds the available inventory,” says Scott Higashi, President and CEO of Locations. “Historically, summer months are when we see the most active market, so we anticipate a competitive buyer’s market to continue to drive prices up and consume inventory at or near record pace over the coming months especially as interest rates remain below 4%.”

###