Oahu Condo Prices Reach All-Time Record High and Single-Family Homes Sell Faster Than Ever
The Oahu Real Estate Report by Locations shows an increase in
median prices and continued strength of the market
HONOLULU – (May 2, 2016) – The Locations Research Department today released its Oahu Residential Real Estate Report for April 2016 after tracking and analyzing sales activity for more than 350 Oahu neighborhoods. The report reveals continued strength of the market – increasing demand with lower days on market and lower months remaining inventory, as well as a high percentage of bid-ups, underscoring the reasons for rising median prices for both single-family homes and condominiums.
“All key indicators, including days on market, months remaining inventory and percentage of bid-ups, point to the continued strength of Oahu’s real estate market,” said Scott Higashi, executive vice president of Locations. “The market is still highly competitive and we expect that it will remain that way throughout 2016.”
Analysts from the Locations Research Department concluded that Oahu condominium prices hit $393,000 in April 2016 – a record breaking high. The median price for single-family homes reached $720,000, a seven percent increase compared to the same month last year. Sales pace was relatively flat, increasing two percent for single-family homes and four percent for condos. Single-family homes are selling faster than ever – homes that closed in April saw median days on market of 16 days, the lowest on record.
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