HONOLULU (HawaiiNewsNow) - Stop us if you've heard this one before: Demand for Oahu homes has never been higher, and prices continue to rise.
That's the not-so-surprising conclusion of a new report for April from real estate firm Locations.
Still, there are very strong reasons to take a look at the new analysis, which considered sales activity for 350 Oahu neighborhoods and underscores.
- Demand is higher than ever, which means homes are selling faster than ever. In April, single-family homes were on the market for just 16 days, compared to 23 during the same month last year.
- Buyers are clamoring to grab what they can, and so are paying more than the sticker price to secure a purchase in competitive bidding situations.
- Condo prices reached an all-time high of $393,000 in April, up 5 percent from the year before.
- The median sales price for single-family homes was $720,000. That’s up from $674,900 in April 2015.
So what's all that mean? In short, that the market is really, really hot.
"All key indicators, including days on market, months remaining inventory and percentage of bid-ups, point to the continued strength of Oahu's real estate market," said Scott Higashi, executive vice president of Locations, in a news release. "The market is still highly competitive and we expect that it will remain that way throughout 2016."