Oahu Single-Family Median Home Price Sees Greatest Percent Increase in Four Years

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Anne Cicero

Locations

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Oahu Single-Family Median Home Price Sees Greatest Percent Increase in Four Years

Rising inventory offers future homeowners more choices

HONOLULU – (May 3, 2018) – Locations – Hawaii’s leading real estate firm – published its Oahu Residential Real Estate Report for April 2018. The report, which analyzes sales activity for more than 350 Oahu neighbor-hoods, concludes that Oahu single-family home median prices increased by 10 percent—the greatest increase in April in more than a decade.

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

• Single-family home median prices reached a new high at $795,000. A double-digit single-family home median price increase last occurred more than four years ago. The last time a double-digit median price increase occurred in April was in 2006. 
• Competition for single-family homes eased slightly in April, thanks to a 14 percent bump in new list-ings, which contributed to a three percent increase in active listings and a 12 percent increase in Days on Market (from 17 to 19 days). 
• Oahu condo sales rose by 14 percent over last year, while median condo prices held steady with a less-than-one-percent increase. 
• Available condo inventory also increased by 14 percent, while Days on Market rose from 15 to 20 days, a 33 percent increase—all welcome news for prospective condo owners. 

 “We’re pleased to see more choices for prospective homeowners this spring, with increases to both single-family and condo housing stock,” said Scott Higashi, president and CEO of Locations.

“While median prices continue to rise, as more inventory comes online this summer it will be key for sellers to understand their par-ticular neighborhood market and price their homes appropriately to attract future homeowners.” “Whether you are looking to own your first home before interest rates tick up again, or you’re ready to move-up or downsize, be sure that you partner with an experienced REALTOR® who can help you to make informed real estate decisions,” said Higashi.

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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.