Oahu residential real estate market becoming increasingly compet - Hawaii News Now - KGMB and KHNL

Oahu residential real estate market becoming increasingly competitive

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HONOLULU (HawaiiNewsNow) -

Locations – Hawaii’s trusted leader for the most current, accurate real estate data – published its Oahu Residential Real Estate Report for July 2016. The report, which analyzes sales activity for more than 350 Oahu neighborhoods, concludes that the residential real estate market is increasingly competitive, as compared to the same month last year. The July median sales price is $735,000 for homes and $400,000 for condos, these are up 5 percent and 14 percent from last year. In addition, bid-ups are more common – 32 percent of homes sold in July and 26 percent of condos sold in July were bid-up over asking price, a new record for Oahu condos.

For Oahu condos, one factor driving the increasingly competitive market is that the number of condos available for sale is dropping, especially in the “sweet spot” – prices around and below the median price.  The number of condos for sale has dropped the most in the $250,000-$499,000 price range, and Remaining Inventory is lowest in this range, an indicator of very strong demand.

Median prices have been climbing steadily for the past five years and are now hitting new highs.  Prices continue to rise in 2016 over previous-year levels. The July median sale price is $735,000 for homes and $400,000 for condos. Competition for available properties is high and getting tighter. Bid-ups are more common – 31 percent of homes sold in July and 26 percent of condos sold in July were bid-up over asking price, a new record for condos.

The Oahu condo market is getting more competitive, especially in the “sweet spot” – prices around and below the median price. The number of condos for sale has dropped the most in the $250-$499 price range, and Remaining Inventory is lowest in this range, an indicator of very strong demand.

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