Oahu’s Real Estate Market in 2016
After analyzing sales activity for more than 350 Oahu neighborhoods, Locations LLC’s Research Department concluded that key market indicators show continued strong demand with increased sales, rising prices, lower remaining inventory and more properties being bid-up over asking price.
“The residential real estate market is off to an extremely strong start in 2016,” said Scott Higashi, Locations’ executive vice president. “The rapid pace of home sales in all categories, high percent of bid-ups and low remaining inventory all indicate continued strong demand for both homes and condos.”
Real estate analysts from the research department report that median prices and the number of sales have increased for both Oahu homes and condos. March 2016 median prices were $725,000 for a single-family home, up 5 percent, and $380,000 for condominiums, up 3 percent. The pace of sales increased 17 percent for single-family homes and 14 percent for condominiums. The condominium resale market is selling faster in lower-priced markets, including Leeward, Salt Lake, and Makiki.
Oahu homes are selling faster in all price ranges and market areas. Even home sales above $2 million are showing positive signs early in 2016, with increased sales and lower times on the market. In the first quarter of this year, one in every eight homes sold for over $2 million was bid-up over asking price.
KEY TAKE-AWAYS FROM FIRST QUARTER
• 2016 is off to a strong start. Market indicators show continued strong demand with increased sales, rising prices, lower remaining inventory and more properties being bid-up over asking price. This suggests continued strong sales and upward pressure on prices.
• Median prices and sales are up. The market shows increases in these areas for both single-family homes and condominiums.
• The condo market is heating up. Units are selling faster, even in lower-priced markets.
• All price ranges and market areas are thriving. Home sales above $2 million are showing positive signs early in 2016, with increased sales and lower times on the market.
MORE FROM FIRST QUARTER MARKET REPORT
This is just a brief snapshot of the First Quarter 2016 Oahu Real Estate Market Report located at locationshawaii.com. Visit the blog on the website and explore the interactive first quarter report, full of expert insights and analysis from Locations’ Research Department.