Oahu Real Estate Prices Hit Record Highs in June 2017
Single family home prices reached $795,000, while days on market hit a record low of 14 days for both single family homes and condos.
This month, several records are broken: the median home price hit an all-time high of $795,000, days on market for both homes and condos hit record lows of 14 days, and condo bid-ups hit an all-time high with 27.1% of June condo sales being bid-up over asking price.
Locations Research Department presents the following highlights of the Oahu real estate market:
Single family home median price hits all time high at $795,000. The previous record of $760,000 was last reached in June 2016 and February 2017.
Days on market hit a record low of 14 days for both single family homes and condos.
Condo bid-ups at highest level ever in June, with 27.1% of condos being sold for over asking price.
Condo active listings are increasing, and have risen above last year’s count for the first time in almost 3
“The Oahu real estate market continues to reach new highs as demand simply exceeds the available inventory,” says Scott Higashi, President and CEO of Locations. “Historically, summer months are when we see the most activity, so we anticipate the competitive market to continue to drive prices up and consume inventory at or near record pace over the coming months especially as interest rates remain below 4%.”
And some good news for buyers, the number of condos available for sale rose above last year’s count for the first time in 3 years. This means more choices for buyers, and will likely lead to further increases in the number of sales due to current strong demand.
This competitive market likely signals continued steady growth in home and condo prices as well.