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

Locations' Scott Higashi gives market update, looks at condos

Image: Hawaii News Now Image: Hawaii News Now
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.

Visit LocationsHawaii.com to view all Open Houses.

Copyright 2017. Hawaii News Now. All Rights Reserved.

  • Hawaii News Now headlinesNewsMore>>

  • The one that got away: Not the fish, but the $2.8M prize

    The one that got away: Not the fish, but the $2.8M prize

    Saturday, December 16 2017 11:56 AM EST2017-12-16 16:56:08 GMT
    Sunday, December 17 2017 10:10 AM EST2017-12-17 15:10:06 GMT
    For the last two years, the most dramatic moments of the White Marlin Open have been on dry land _ not off the coast of Ocean City, Maryland.More >>
    For the last two years, the most dramatic moments of the White Marlin Open have been on dry land _ not off the coast of Ocean City, Maryland.More >>
  • Some turned away from over-capacity grad ceremony at UH

    Some turned away from over-capacity grad ceremony at UH

    Sunday, December 17 2017 1:16 AM EST2017-12-17 06:16:54 GMT
    (Image: Hawaii News Now)(Image: Hawaii News Now)

    Clad in their green academic gowns and fancy caps, nearly 1,000 UH Manoa students walked the stage at Stan Sheriff Center on Saturday for the University's Mid-Year Commencement Ceremony. 

    More >>

    Clad in their green academic gowns and fancy caps, nearly 1,000 UH Manoa students walked the stage at Stan Sheriff Center on Saturday for the University's Mid-Year Commencement Ceremony. 

    More >>
  • Six Hawaii post offices to be open this Sunday

    Six Hawaii post offices to be open this Sunday

    Sunday, December 17 2017 1:08 AM EST2017-12-17 06:08:01 GMT
    (Image: Hawaii News Now)(Image: Hawaii News Now)

    HONOLULU, Hawaii – The Postal Service announced that the following six Oahu Post Offices will be open from 10 a.m. to 2 p.m. this Sunday to serve its seasonal increase in holiday customers. - Airport (Main) Post Office - Ala Moana Post Office - Kaneohe Post Office - Mililani Post Office - Waialae Kahala Post Office - Waipahu Post Office Postal officials expect Dec...

    More >>

    HONOLULU, Hawaii – The Postal Service announced that the following six Oahu Post Offices will be open from 10 a.m. to 2 p.m. this Sunday to serve its seasonal increase in holiday customers. - Airport (Main) Post Office - Ala Moana Post Office - Kaneohe Post Office - Mililani Post Office - Waialae Kahala Post Office - Waipahu Post Office Postal officials expect Dec...

    More >>
Powered by Frankly