Median Home Prices Rise in Majority of Oahu Neighborhoods
Available housing inventory continues to increase
FOR IMMEDIATE RELEASE HONOLULU – (March 6, 2019) – Locations—Hawaii’s leading real estate firm—published its Oahu Residential Real Estate Report for the 12-month period of March 2018 to February 2019. This is a comparison to the previous 12-month period of March 2017 to February 2018:
- Median home prices continue to rise, with the single-family home median price up four percent over the previous 12-month period, and the condo median price up three percent over the previous period.
- Sixty-three percent of Oahu single-family home neighborhoods saw an increase in median prices in the past 12 months, compared to the previous period, while 71 percent of condo neighborhoods saw an increase in median prices.
- Single-family home sales are nine percent below the previous 12-month period, while condo sales are three percent lower than the previous period.
- Days on Market also continue to rise, with single-family homes and condos going into escrow in about three weeks.
- Available inventory has also increased, with 31 percent more single-family homes for sale in the past 12 months, compared to the previous year, and 26 percent more condos for sale.
- The percent of bid-ups—or properties sold for above list price in a competitive bidding situation—has returned to 2015 levels within the past 12 months.
“With more homes and condos currently for sale than we’ve seen in years, and interest rates that are returning to last year’s levels, now is an opportune time for first-time homebuyers, current homeowners who are looking to trade up or real estate investors looking to diversify their portfolios,” said Scott Higashi, president and CEO of Locations.
Higashi also noted that because each of Oahu’s hundreds of neighborhoods perform differently, it’s important to work with a knowledgeable REALTOR(R) who understands the nuances of individual neighborhoods.
“Oahu homebuyers and sellers should keep in mind that the ‘big picture’ numbers are not necessarily indicative of the market dynamics in their particular neighborhood or building of choice,” Higashi cautions.
“That’s why it’s critical to seek out a Realtor who has extensive knowledge of Oahu’s hundreds of varied neighborhoods and buildings,” he added.