2017 Year-to-date Competitive Condo Market - Hawaii News Now - KGMB and KHNL

2017 Year-to-date Competitive Condo Market

Home prices are soaring - but now some condo prices are outstripping homes.  Comparing 2017 vs. 2016, condos are outstripping single family homes in sales increase and price increase. Price ranges are under $500k and most are feeling the most pressure.  Even under $750k, demand is relatively strong. Overall, Oahu competition is strongest and increasing in all price ranges under $750k.  Competition has increased the most in the $250k-$499k price range.

The number of bedrooms a unit has will also affect its demand. Competition is highest for 2-bdrm units, but slightly less than last year, while  Competition is increasing the most for 1-bdrm units. In Ala Moana-Kakaako, competition is strongest in all price ranges under $750k, however still increasing in $750-$999 price range.  No competition (in terms of competitive bidding) over $1 million.

Kakaako’s upcoming new developments are including more affordable and mid-market pricing than in the past few years, where upscale and luxury has been dominant.  Condo development is shifting inland, with new projects planned on Kapiolani Blvd and Keeaumoku.

For more information on properties visit LocationsHawaii.com.

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