HONOLULU (HawaiiNewsNow) - The Locations Research Department today announced the release of its January 2016 Oahu residential real estate report - sharing expert insight into the Hawaii real estate market. After tracking and analyzing sales activity for more than 350 Oahu neighborhoods, Locations concludes that the residential real estate market showed increased strength in January 2016, as compared to the same month last year.
"The combination of low inventory and low interest rates are creating a highly competitive Oahu real estate market, which has led to a strong start for the year," said Scott Higashi, executive vice president, Locations. "Key market indicators show signs of strength and we expect that the market will continue to be healthy throughout 2016."
Real estate analysts from Locations report that the median home price is up 10 percent, to $740,000, while the median condo price is down three percent at $375,000. The number of sales increased for both homes and condos. Key market indicators show signs of continued strong demand with low Days-on-Market (DOM), low Months of Remaining Inventory (MRI) and high bid-up percentages - all of which point to continued upward pressure on prices.
While the median condo price is down three percent, the market is showing strong signs, with the number of sales up 21 percent, only 21 DOM, and almost 20 percent of condos sell over asking price. However, new listings inventory for condominiums are down 13 percent from the same period last year, suggesting that this market will continue to tighten and see pricing pressures into the New Year.
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