HONOLULU (HawaiiNewsNow) - No surprise here: Housing prices rose across Hawaii in 2016, and they mostly rose more than overall inflation.
That's according to new year-end reports from Realtors, who say it has been very difficult to find a house for less than $600,000 on Oahu, Maui or Kauai.
Even the Big Island is seeing the effects of a hot housing market.
From 2015 to 2016, median housing prices rose 2 percent on Kauai, 5 percent on Oahu, and 10 percent on Maui. While they rose only fractionally on the Big Island, they rose almost 7 percent in the North Kona District.
Here's a county-by-county breakdown of the housing picture:
- Oahu saw 3,678 house sales, up 6.5 percent from 3,455 in 2015. The median price for a home rose to $735,000.
- On the Big Island, 2,297 houses went to closing in 2016, 280 more than in 2015. The median price edged over $330,000.
- In Maui County, 1,076 houses closed, 14 fewer than 2015. The countywide median price rose 10 percent -- to about $637,000.
- In Kauai County, 568 house sales closed, 79 more than the previous year. The median house price rose 2 percent to $625,500.
Condo prices also rose over the last year, often topping house prices of only a few years ago.
Here's a look at the breakdown:
- Honolulu Realtors in 2016 closed on 5,449 condos, up 8 percent from 5,028 in 2015. The median condo price rose 8 percent to $390,000.
- Realtors on Maui closed on 1,310 condos, up 121 from 2015. The median price for condos was roughly flat at $415,000.
- There were 707 condo closings in Hawaii County, 44 more than the previous year. The median price rose 11 percent to $305,000.
- Kauai saw 376 condo closings, four more than 2015. Median price rose 12 percent to $398,000.
Senior executives with Locations Hawaii and Coldwell Banker Pacific Properties, the two largest real estate firms in the state, said that offshore investment and local investment housing purchases – the latter a bigger category than the former – play a smaller role in the high housing prices than short supply of housing at all price points.
The low inventory has led to many houses getting offers in days rather than weeks, with about a third of Oahu home sales ending in bid-ups, where someone pays more than the original asking price.
On Maui, several months of 2016 saw about a third of all sales made for cash.