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.
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