Oahu homes sold at increasing speed during March 2017
Demand for Oahu properties continues to grow despite increased inventory and higher prices
HONOLULU – (April 3, 2017) – Locations – Hawaii’s trusted leader for the most current, accurate real estate data – published its Oahu Residential Real Estate Report for March 2017. The report, which analyzes sales activity for more than 350 Oahu neighborhoods, concludes that the Oahu real estate market is accelerating in March 2017 with significant increases in the number of new listings, faster home sales, and increasing sales prices.
• Inventory for sale shows a welcome increase in March, with new listings up 9% for homes and 16% for condos. This will likely lead to further increases in the number of sales due to strong current demand.
• The market is also moving faster, with homes and condos selling even more quickly than last year. The median Days On Market for homes and condos is down to just 17 days. Sellers are accepting offers in 2-1/2 weeks.
• Oahu Home and condo prices continue to increase, with the March median sale prices at $755,000 for single-family homes and $400,000 for condos, both up 4% from last year.
• Prices will likely continue to rise in 2017. As strong competition continues, more homes and condos are bid-up over their asking price, and median prices are consequently pushed upward. In March, 1 in every 3 homes sold and 1 in every 4 condos sold were bid-up over asking price.
“The competitive market is driving sales volume and prices, and encouraging sellers to accept offers more quickly. This strong demand is driving buyers to bid up over the already increased sales prices for condos and single family homes,” says Scott Higashi, CEO of Locations. “Based on the current market trends, we can expect to see increased turnover as more properties are listed on the market, but sell faster than they have in previous years.”