Business Report: Competition in the Oahu real estate market hits - Hawaii News Now - KGMB and KHNL

Business Report: Competition in the Oahu real estate market hits an all-time high

HONOLULU (HawaiiNewsNow) -

Locations published its Oahu Residential Real Estate Report for August 2016. The report, which analyzes sales activity for more than 350 Oahu neighborhoods, concludes that the residential real estate market is increasingly competitive compared to the same month last year.

Competition is at an all-time high.  In August, 38% of home sales and 27% of condo sales were bid-up over asking price, or 1 in every 2.7 home sales, and 1 in every 3.7 condo sales, the highest levels in Oahu history.  Historically low inventory and high demand continue to drive prices upward.  The August median sale price is$750,000 for homes and $400,000 for condos, up 7% and 13% respectively from a year ago.

The market is moving very fast with homes and condos selling much faster than last year.  Properties sold in August were under contract in just 17 days.

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