Increased Sales and Rising Median Prices Show Continued Strength of Oahu Real Estate Market
Oahu market report by Locations – Hawaii’s trusted leader for the most current, accurate real estate data –
reveals key market insights that suggest continued strong sales and upward pressure on prices
HONOLULU – (April 4, 2016) – The Locations Research Department today released its Oahu Residential Real Estate Report for the first quarter of 2016. After analyzing sales activity for more than 350 Oahu neighborhoods the Locations 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, and 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-price 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.
Sales are up for SFH and CND in 2016, one of several indicators of strong demand for homes and condos. Sales have increased steadily in the past 4 quarters over previous-year sales. Months of Remaining Inventory in Q1 2016 for SFH dropped in all price ranges; is relatively high and unchanging over $2 million. Condo MRI dropped under $750,000; over $1 million showed a large increase, reflecting impact of the increase condo development.
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