Single-Family Home and Condominium Median Prices Rise in Q2 of 2018

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Anne Cicero

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Single-Family Home and Condominium Median Prices Rise in Q2 of 2018

Prospective homeowners see welcome inventory growth

HONOLULU – (July 3, 2018) – Locations – Hawaii’s leading real estate firm – published its Oahu Residential Real Estate Report for Q2 of 2018. The report, which analyzes sales activity for more than 350 Oahu neigh-borhoods, concludes that Oahu single-family home and condo median prices rose in the second quarter of 2018 compared to the same period last year, while inventory continues to grow. Locations presents the following highlights of the Oahu real estate market for Q2 2018:

• Single-family home median prices rose at a moderate rate of 4 percent in Q2 of 2018 to $785,000, and condo median prices rose by 5 percent to $427,750.
• New listings for single-family homes also rose by 11 percent in Q2, pushing active listings up by 12 per-cent. Active condo listings rose by 10 percent to 1,597.
• Days on Market for single-family homes also increased from 15 days to 17 days, while Days on Market for condos increased from 15 days to 19 days.
• Both single-family home and condo inventory rose in nearly all price points, with the greatest increases in inventory occurring in the $750,000 to $999,000 range for single-family homes and the $250,000 to $499,000 range for condos. 

“We’ve seen welcome growth in single-family home and condo inventory in the second quarter of 2018,” said Scott Higashi, president and CEO of Locations.“With more inventory to choose from, competition among pro-spective homeowners has eased slightly—as noted by a dip in bid-ups of 15 percent and nine percent, respectively.”

“However, with just around three months of remaining inventory, homes that are priced appropriately will attract the most competition from buyers, as those in the market for a new home take advantage of relatively low interest rates this summer before they tick up again in the second half of the year, as anticipated,” 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.