Double-Digit Increase in New Listings for Single-Family Homes and Condos
Strong sales of Oahu homes buck seasonal trend
HONOLULU – (November 2, 2017) – Locations – Hawaii’s leading real estate firm – published its Oahu Residential Real Estate Report for October 2017. The report, which analyzes sales activity for more than 350 Oahu neighborhoods, concludes that Oahu home values continue to steadily rise, with strong sales for both single-family homes and condos, and low Days on Market compared to a typical October market.
Locations presents the following highlights of the Oahu real estate market:
• Sales of both single-family homes and condos were strong in October, with an increase of seven and 14 percent, respectively.
• Median prices ticked up slightly for single-family homes and condos over last year, at two and one percent, respectively.
• Low Days on Market for single-family homes bucks the typical seasonal trend upward. The median days on market for Oahu homes in October was just 16 days.
• New Listings for both single-family homes and condos are up by 12 percent – welcome news for future homeowners. However, while New Listings continue to be up over last year, the number of overall Active Listings is not rising much, as the increase in listings is absorbed by higher sales.
“While October is traditionally a slower season for real estate, we saw a healthy uptick in sales of both single-family homes and condos last month,” says Scott Higashi, President and CEO of Locations. “Single-family homes sold in just 16 days, which is especially brisk for autumn. Days on Market was particularly short across the more affordable price bands. Sellers of higher-end inventory, such as condos priced above $700,000 and single-family homes priced above $1 million, can expect properties to remain on market a bit longer.”
“Strong sales, coupled with low Days on Market, indicates that buyer demand remains high. Nearly one in three single-family homes and one and in four condos sold above asking price in October. Interest rates are still very low, giving prospective homeowners – especially first-time homeowners—more purchasing power.”
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