HONOLULU (HawaiiNewsNow) - Locations – Hawaii's leading real estate firm – published its Oahu Residential Real Estate Report for February 2018. The report, which analyzes sales activity for more than 350 Oahu neighborhoods, concludes that Oahu condo sales and median prices continue their stable rise as demand remains strong.
Locations presents the following highlights of the Oahu real estate market for February 2018:
Median prices rose for both single-family homes and condos, by one percent and five percent, respectively, with the median price for condos reaching $411,000.
Sales of condos rose by five percent to 395, while single-family home sales dipped slightly by two percent to 225.
Days on Market for single-family homes dropped by 25 percent to just 18 days, much lower than is typical for February.
Available condo inventory increased by 18 percent over last year, due to a 15-percent increase in new listings.
"February was another solid month for Oahu's housing market," says Scott Higashi, President and CEO of Locations. "Rising mortgage rates have not yet reached the point of impacting affordability; however, we do expect rates to move up this year. Future homeowners should consider making their move sooner rather than later, in the event interest rates move up more quickly than projected."
"The increase in condo sales, coupled with low Days on Market, indicates that climbing interest rates have not yet lessened demand; rather, they may have heightened urgency among future homeowners. Those in the market for a new home would be wise to get prequalified and be ready to act when the right home comes on the market."