Oahu real estate market growth shows no sign of slowing
Strong sales, rising property prices, and record low days on market continue into June
HONOLULU – (June 5, 2017) – Locations – Hawaii’s leading real estate firm – published its Oahu Residential Real Estate Report for May 2017. The report, which analyzes sales activity for more than 350 Oahu neighborhoods, concludes that the Oahu real estate market is continuing to show strong and steady growth, with increasing sales figures, rising prices and a competitive buyer’s market in May with Days on the Market remaining at record lows.
Locations presents the following highlights of the Oahu real estate market:
• Sales are strong and increasing in 2017, boosted by May sales up 12% over 2016.
• Prices will likely continue to rise in 2017, with May median sale prices of $750,000 for homes, up 4% from last year and $407,000 for condos, up 9% from last year.
• New Listings are on the rise, with May new listings up 6% for homes and 14% for condos. This could mean some relief for homebuyers struggling to find available properties.
• The market is also moving faster. The median Days On Market for condos is just 15 days, at record lows. Sellers are accepting offers in just 2 weeks.
• The market is increasingly competitive. As more homes and condos are bid-up over their asking price, prices are pushed upward. In May, 1 in every 3 homes sold and 1 in every 4 condos sold were bid-up over asking price.
• Inventory Remaining for both homes and condos is at record lows in 2017. If no new properties came on the market, the existing supply would sell out in less than 3 months.
“The Oahu real estate market continues to strengthen in 2017, with steady demand exceeding the available inventory, driving prices above asking and reducing Days on Market to record lows,” says Scott Higashi, CEO of Locations. “In the current real estate environment, buyers should partner with experienced agents to ensure fair asking prices and to stay informed of new listings. The strong market is also primed for sellers, with demand exceeding inventory across Oahu. The Locations Home Valuator is a useful tool to help sellers determine the value of their homes, using in-depth neighborhood research for a deeper dive than searching by zip code.”
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