Oahu Single-Family Home and Condominium Inventory Increases in May

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Oahu Single-Family Home and Condominium Inventory Increases in May

Median prices edge up for homes and condos

HONOLULU – (June 6, 2018) Locations – Hawaii’s leading real estate firm – published its Oahu Residential Real Estate Report for May 2018. The report, which analyzes sales activity for more than 350 Oahu neighbor-hoods, concludes that Oahu single-family home and condo inventory grew in May, while median prices in-creased by four and seven percent, respectively.

Locations presents the following highlights of the Oahu real estate market for May 2018:

• Single-family home median prices rose by four percent over May 2017 to $778,000.  
• New listings for single-family homes rose by 13 percent in May, contributing to a five-percent increase in active listings. Days on Market for single-family homes remained flat, however, at 16 days. 
• Condominium median prices rose by seven percent over last year to $435,000. 
• Although new condo listings fell by seven percent, active listings were ten percent greater than a year ago—inventory held over from previous months. 
• Days on Market for condos rose from 15 to 20 days, while bid-ups—one measure of competition—rose by one percent to 22.8 percent.  
• Sales of both single-family homes and condos dipped by eight percent and nine percent, respectively, from last year; however, it should be noted that May 2017 was an unusually strong month for sales.  

“Sales in May were typical for the season,” said Scott Higashi, president and CEO of Locations. “It’s important to remember that one month does not make a market, and that sales have been trending upward since the beginning of 2018 as we prepare to ramp up for summer.”

“Looking at specific market areas, Mililani performed particularly well in May on the single-family home side, with a 75 percent increase in sales, a nine percent increase in median price, and 50 percent decrease in the number of Days on Market. On the condo side, Pearl City-Aiea and Makakilo both saw large influxes of new listings—welcome news for those in the market for a condo in those areas,” Higashi added.

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About Locations As the state’s oldest and leading independent real estate firm, our trusted Neighborhood Experts have served Ha-waii’s families since 1969. For nearly 50 years, Locations has helped more people buy or sell their homes than any other real estate firm in the state. With our rich kama’aina roots, innovative technology and dedicated market-research department, Locations continues to be at the forefront of this ever-changing industry. With nearly 300 agents and five offices across Oahu and one on Maui, our Neighborhood Experts live where you live. Through our non-profit, the Locations Foundation, our agents and staff support more than 100 Hawaii non-profit organizations both through monetary donations and volunteer hours. Visit LocationsHawaii.com/about-us today to learn more. For up-to-date Hawaii real estate updates, follow Locations on Facebook at: www.facebook.com/LocationsHawaii, Twitter at @LocationsHI, Instagram at @LocationsHawaii, and LinkedIn at www.linkedin.com/company/locations-hawaii. Read the Locations blog at: www.LocationsHawaii.com/news.