Increased Sales and Rising Median Prices
Show Continued Strength of Oahu Market
After analyzing sales activity for more than 350 Oahu neighborhoods our Research Department concluded that key market indicators show continued strong demand with increased sales, rising prices, lower remaining inventory, and more properties being bid-up over asking price.
"The residential real estate market is off to an extremely strong start in 2016," said Scott Higashi, executive vice president of Locations. "The rapid pace of home sales in all categories, high percent of bid-ups and low remaining inventory all indicate continued strong demand for both homes and condos."
Real estate analysts from the Locations research department report that median prices and the number of sales have increased for both Oahu homes and condos. The March 2016 median prices were $725,000 for a single-family home, up 5 percent, and $380,000 for condominiums, an increase of 3 percent. The pace of sales increased 17 percent for single-family homes and 14 percent for condominiums. The condominium resale market is selling faster in lower-priced markets, including Leeward, Salt Lake, and Makiki.
Oahu homes are selling faster in all price ranges and market areas. Even home sales above $2 million are showing positive signs early in 2016, with increased sales and lower times on market. In the first quarter of this year, one in every eight homes sold over $2 million was bid-up over asking price.