February 2017 home prices soar to record-breaking heights
Inventory for sale reaches record lows, driving demand and bid-ups over asking price
HONOLULU – (March 3, 2017) – Locations – Hawaii’s trusted leader for the most current, accurate real estate data – published its Oahu Residential Real Estate Report for February 2017. The report, which analyzes sales activity for more than 350 Oahu neighborhoods, concludes that Oahu real estate is off to a strong start in 2017, with rising prices, low inventory for sale, and competitive conditions continuing in February.
• Oahu Home prices hit $760,000 in February 2017, the highest on record. February median sale prices are $760,000 for single-family homes and $390,000 for condos, up 9% and 3% respectively from last year.
• Prices will likely continue to rise in 2017. As strong competition continues, more homes and condos are bid-up over their asking price, and median prices are pushed upward. In February, 1 in every 3 homes sold and 1 in every 4 condos sold were bid-up over asking price.
• Condo sales are starting off strong in 2017, with year-to-date sales up 14% over 2016 and up 30% over 2015.
• Inventory for sale is at record lows, and demand is high. Low inventory and pent-up demand are the main factors driving the competitive Oahu market. If no new properties came on the market, the current supply of listings would sell out in under 3 months.
“The competitive market is driving sales volume and prices, with more condos being bid-up over asking price in response to the low inventory and pent-up demand. In February, 25% of all condos sold were bid-up over asking,” says Scott Higashi, CEO of Locations. “Based on the current market trends, we can expect to see strong condo sales outperforming previous years as we progress into 2017.”
Congratulations, you have access to Hawaii's most comprehensive Real Estate Search! Please help us to better serve you by answering these optional questions.
This email is already registered. Click the button below and we'll send you a link to reset your password.
You have already registered using your FB account.
Check your inbox for an email from firstname.lastname@example.org. It contains a link to reset your password.
The agent who gave you access to this website is no longer with Locations LLC.
Due to local MLS regulations, you will need to re-register if you would like to continue your access.
We will pre-fill the registration form with information in our files. Once you click Register you can either select a new agent or one will be assigned for you.
Sorry for the inconvenience, Locations LLC.
Please contact your agent for access to LocationsHawaii.com.
Schedule a Virtual Tour
Request an appointment to view this property by completing the information below. Please note your appointment is not confirmed until an agent calls you.
Disclaimer: The properties we may show you may be Locations LLC listings or listings of other brokerage firms. Professional protocol requires agent to set up an appointment with the listings agent to show a property. Locations, LLC may only show properties marked "Active" and "ACS".
Keep your eye on this property! Save this listing and receive e-mail updates if the status of the property changes.
Share this property by completing the the form below. Your friend will receive an e-mail from you with a link to view the details of this property.
How can we help?
Send a message and we'll respond shortly.