Oahu condo median price soars to record high at start of new year

HONOLULU (HawaiiNewsNow) - Locations – Hawaii's leading real estate firm – published its Oahu Residential Real Estate Report for January 2018. The report, which analyzes sales activity for more than 350 Oahu neighborhoods, concludes that Oahu home values continue to rise at a steady pace, with a 12-year January high in single-family home sales and an all-time high for condo median price.

Condo median prices reached an all-time record high of $439,000, surpassing July 2017's record of $425,000. Median prices for both single-family homes and condos rose over last year, by seven and 12 percent, respectively. Sales of single-family homes hit their highest point of any January since 2005, up 1 percent from last year to 258 sales. New condo listings jumped again in January, up by 13 percent from last year. This adds to the 14 percent rise in condos available for sale, offering more choices for future homeowners.

"The market is off to a healthy start in 2018," says Scott Higashi, President and CEO of Locations. "January single-family home sales were the highest we've seen in 13 years, and condo median prices reached an all-time high of $439,000."

"With an increase in both new and active condo listings, we can expect to see more sales and increased prices throughout the spring. Additionally, interest rates—while still historically low—are ticking up toward a three-year high. If you've been on the fence about becoming a homeowner this year, I'd urge you to contact an experienced REALTOR® to discuss your options."

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