The Honolulu Board of REALTORS® recently released their August 2016 housing statistics. Median sales prices increased for single-family homes and for condominiums.
Single-family prices increased 6.9 percent, while the median sale price for condos increased 12.4 percent from the same time last year.
Oahu's real estate market still remains very competitive. Days on market for both single-family homes and condos decreased. In addition, homeowners of single-family homes sold for 99.8 percent of their list, while owners of condos sold 97.6 of their list price.
The lack of inventory has made it difficult for first-time home buyers. I recently closed on a 2-bed condo in Makiki. Prior to securing that condo for my client, my client submitted offers on other properties. Within each situation, it was not uncommon that we were competing against multiple offers.
As it is documented time-and-time again, prices are increasing and there is a lack of housing inventory. If you are looking to enter the housing market, it is important you are prequalified with a mortgage lender first. Allow me to handle the rest.
Source: Honolulu Board of REALTORS®, Pacific Business News.