Oahu Home and Condo Prices Reach All-Time Highs
Median prices have increased in nearly every Oahu neighborhood this year
HONOLULU – (July 1, 2016) – After analyzing sales activity for more than 350 neighborhoods, the Locations Research Department released its Oahu Residential Real Estate Report for June 2016. The report findings show that prices hit record highs with median prices at $760,000 for single-family homes and $413,000 for condominiums. In addition, competition for available properties is becoming increasingly heated – bid-ups are more common and single-family homes sold faster than ever in June.
“Continued favorable low interest rates and prolonged low inventory levels continue to create a highly competitive market for Oahu buyers,” said Dan Tabori, executive vice president, Locations. “While prices are on the rise across many neighborhoods in Hawaii, we are seeing continued strength in buyer demand, most notably reflected in the fast pace of sales and the multiple offer environment for both single family homes and condominiums.”