Oahu Condos are Selling Faster Than Ever and Competition for Available Properties is Increasing
Locations reports continued strength of the real estate market with prices and number of sales up
for both Oahu homes and Condos
HONOLULU – (June 1, 2016) – The Locations Research Department today released its Oahu Residential Real Estate Report for May 2016 after the analyzing sales activity for more than 350 Oahu neighborhoods. The report reveals even greater competition for available properties as evidenced by more bid-ups, key market indicators, showing continued strong demand and the rapid pace of condominium sales.
“The Oahu real estate market is becoming increasingly competitive with historically low levels of inventory and high demand,” said Scott Higashi, executive vice president, Locations. “We continue to see key indicators point to the strength of the market and we expect that this trend will run through 2016.”
Analysts from the Locations Research Department report that median prices are $715,000 for single-family homes and $378,000 for condominiums, up two percent and one percent respectively. The number of sales increased four percent for single-family homes and three percent for condominiums. Market indicators in 2016 show continued strong demand with lower days on market (DOM), lower months remaining inventory (MRI), and high percentage of bid-ups over last year. Bid-ups are more common, 29 percent of homes sold in May and 25 percent of condos sold in May were bid-up over asking price. In addition, condos are selling faster than ever, condos that closed in May saw median days on market of 16 days, the lowest since the summer of 2005.
Competition for available properties is high and getting tighter. Bid-ups are more common – 29 percent of homes sold in May and 25 percent of condos sold in May were bid-up over asking price. Homes and condos are selling faster. Condos that closed in May had a median Days On Market of 16 days, the lowest since the Summer of 2005.
Months of Remaining Inventory, an indicator of supply and demand, is very low. If no new listing came on the market, the available properties for sale would sell out in 3.1 months. Low MRI is another indicator of the Oahu real estate market becoming more competitive.
Market activity by price range in 2015 and 2016:
Market conditions improved the most in the “sweet spot,” the range closest to median - $500,000-749,000 for single-family homes and $250,000-499,000 for condos. Sales increased, DOM dropped and bid-ups increased. Higher price ranges have fewer sales, take longer to sell, have fewer bid-ups and receive less of asking price.
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 an Appointment
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.