Locations Hawaii gives update on housing market, what it costs t - Hawaii News Now - KGMB and KHNL

Locations Hawaii gives update on housing market, what it costs to live near ocean

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HONOLULU (HawaiiNewsNow) -

The market is continuing to see steadily rising prices for both single-family homes and condos. The median price for a single family home is $750, 000; a 4% increase. Condos went up 9% to 407,000. Condos moved very quickly in May with a record low days on market, fifteen days. It important to remember to be pre-qualified and working with a realtor to be able keep up with the pace of the market.

Historically sales and median prices for homes pick up in the summer months. Prices have been steadily increasing for the past several months, and will likely continue to increase despite a very low inventory. Sales will remain strong and increase over the summer, and will probably continue to see bid-ups – approximately 1 in 3 homes are bid-up.

As we move into summer, many of us aren’t thinking about real estate — we’re thinking about the beach. But how much would it cost to live on the beach, and are there affordable ways to purchase a home on the beach in Oahu?

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