Locations' Scott Higashi gives market update, looks at condos - Hawaii News Now - KGMB and KHNL

Locations' Scott Higashi gives market update, looks at condos

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HONOLULU (HawaiiNewsNow) -

There were record-breaking median prices for condos in July, at $425,000 in July, beating out the previous record of $419,500 from last April. Condo prices are expected to continue to rise through the end of the year.  Days On Market—another important indicator of demand—were again at near-record lows for both single-family homes and condos. In July, Condo-sellers were accepting offers in about 2 weeks.

Some good news is that condo active listings are up all across Oahu, with large inventory gains in Kailua, Leeward Oahu, Salt Lake and Mililani—many of which are in what's considered to be an affordable price range. There have also been increases in condo inventory in neighbors not typically known for condos, including, Waimanalo, Upper Windward, North Shore, Wahiawa and Waipio. Buyers should keep in mind that while we did see record-high condo medians, half of those condos sold for less than $425,000, with 21% sold below $300,000.

When we look at bid-ups—an indicator of demand--the $250-499,000 range is the most competitive—with about 30% of condos going for over asking. Interestingly, in the $1M+ category, where there were almost no bidups last year,  nearly 7% of luxury condos go for over asking. These $1M+ condo bid-ups have occurred in Waikiki, Kakaako, Diamond Head, Hawaii Kai and even Ko Olina.  In Kakaako, the bid-ups have been in older buildings, indicating continued demand for luxury condos, even with the new developer inventory in the area.

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