Anne Cicero, Locations
Oahu Residential Real Estate Sees Steady, Rising Prices and Sales for Year
Single-family home median price reaches record of $810,000 for the month of August
HONOLULU – (September 5, 2018) – Locations – Hawaii’s leading real estate firm – published its Oahu Residential Real Estate Report for the 12-month period ending in August 2018.
The following highlights of the Oahu real estate market for the 12-month period of September 2017 to August 2018, as compared to the previous 12-month period of September 2016 to August 2017, are:
- Single-family home sales increased by two percent over the past 12 months, with 3,988 sales.
- Condo sales also rose slightly in the past year, by one percent to 5,956 sales.
- The median price for single-family homes ticked up to $775,000—a three percent increase—for the past 12 months; however, for the month of August alone, the median home price reached a record high of $810,000—also a three percent increase.
- The median price for condos/townhomes increased by six percent to $425,000 over the past 12 months.
- Single-family homes were on the market for a median of 16 days—a decrease of two days.
- Condos were on the market for a median of 20 days—an increase of two days.
“August saw a record median price for single-family homes at $810,000, and when we step back and look at the last 12 months as a whole, what we’re really seeing is the steady, continued price growth that we’ve been experiencing for eight years now,” said Scott Higashi, president and CEO of Locations. “Sales for both single-family homes and condos have flattened out a bit, but are still above the previous 12-month period.”
Higashi added that available inventory continues to increase, with active listings for single-family homes up 21 percent and active listings for condos up 13 percent from last year. The greatest inventory increase for single-family homes has been in the Ewa region, which includes Kapolei. On the condo side, the greatest inventory increases have been in Waikiki, Ewa, Makakilo and Pearl City.
“Prospective homeowners who have been actively searching for a home this summer may find great opportunities in areas like Ewa and Kapolei, where increased inventory means greater selection and decreased competition,” he said.
Competition for condos has eased slightly in summer 2018, with around 17 percent of sold condos going for above the asking price, compared to one in four sold for above asking the previous two summers. While mortgage rates jumped up half a point in the beginning of the year, they have been holding steady at just above 4.5 percent for the past four months. Rising interest rates have not had a significant impact on the strong, pent-up demand for Oahu residential real estate, according to Locations’ data.
About Locations As the state’s oldest and leading independent real estate firm, our trusted Neighborhood Experts have served Hawaii’s families since 1969. For nearly 50 years, Locations has helped more people buy or sell their homes than any other real estate firm in the state. With our rich kama’aina roots, innovative technology and dedicated market-research department, Locations continues to be at the forefront of this ever-changing industry. With nearly 300 agents and five offices across Oahu and one on Maui, our Neighborhood Experts live where you live. Through our non-profit, the Locations Foundation, our agents and staff support more than 100 Hawaii non-profit organizations both through monetary donations and volunteer hours. Visit LocationsHawaii.com/about-us today to learn more. For up-to-date Hawaii real estate updates, follow Locations on Facebook at: www.facebook.com/LocationsHawaii, Twitter at @LocationsHI, Instagram at @LocationsHawaii, and LinkedIn at www.linkedin.com/company/locations-hawaii. Read the Locations blog at: www.LocationsHawaii.com/news.