Median price of single-family home on Oahu hits record high

Median price of single-family home on Oahu hits record high

HONOLULU (HawaiiNewsNow) - The median price of a single-family home on Oahu hit a record $760,000 in June, up $45,000 from the month before, according to a review of sales activity in 350 neighborhoods.

The analysis, from Locations Research, also found the median price of condos hit $413,000.

That's up 22 percent from June 2015, and compares to $375,000 in May.

"Continued favorable low-interest rates and prolonged low-inventory levels continue to create a highly competitive market for Oahu buyers," Dan Tabori, Locations executive vice president, said in a news release.

"While prices are on the rise in many neighborhoods in Hawaii, we are seeing continued strength in buyer demand, most notably reflected in the fast pace of sales and the multiple offer environment for both single-family homes and condominiums."

The analysis found that 1 in 5 Oahu home sales are in Ewa, while 20 percent of condo sales are in Waikiki.

Meanwhile, seven market areas have median prices of $1 million or more. The priciest neighborhood: Waialae-Kahala.

The low supply of homes on the market means that properties are being snapped up quickly.

Some 28 percent of homes sold in June on Oahu went for more than their initial asking price. And the median number of days single-family homes were on the market in June was just 15. That's a record low.

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