Sales of Single-Family Homes, Condos, Highest in More than 10 Years
Single-family median second highest on record
HONOLULU – (September 5, 2017) – Locations – Hawaii’s leading real estate firm – published its Oahu Residential Real Estate Report for August 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 August with Days on Market remaining at near-record lows.
Locations presents the following highlights of the Oahu real estate market:
• In August, both single-family home and condo sales hit their highest point in more than 10 years on Oahu. This is even more remarkable because the pace of sales is currently constrained by limited available inventory.
• The Oahu median home price hit $786,000 in August, the second-highest median price on record. The all-time high of $795,000 was reached in June 2017, just two months ago. Prices will likely continue to rise in 2017.
• Home prices are up all across Oahu, in almost every market area. Competitive demand is increasing in the more affordable areas in and around urban Honolulu.
“Oahu’s real estate market showed continued stable growth in August, with moderate increases in median price and new listings for both single-family homes and condominiums,” says Scott Higashi, President and CEO of Locations.
“With a 16 percent increase in sales year over year, condos remain popular with homebuyers for their affordability and convenience. Months of remaining inventory is down 15 percent for single-family homes to 2.8 months and 4 percent for condos to 3 months, indicating an advantage for sellers. Homes that are priced well are selling at or above asking price in only a few weeks.”
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