Oahu Condominium Market Sees Welcome Inventory Growth in March 2018

FOR IMMEDIATE RELEASE

MEDIA CONTACT:

Anne Cicero

Locations

anne.cicero@locationshawaii.com

808-738-3266

Oahu Condominium Market Sees Welcome Inventory Growth in March 2018

More choices for condo buyers eases competition

HONOLULU – (April 4, 2018) – Locations – Hawaii’s leading real estate firm – published its Oahu Residential Real Estate Report for March 2018. The report, which analyzes sales activity for more than 350 Oahu neigh-borhoods, concludes that Oahu condo listings increased by 16 percent, offering prospective condo owners more choices and less competition. Strong demand for Oahu condos continues, with a ten percent increase in median price to a record $440,000.

Locations presents the following highlights of the Oahu real estate market for March 2018:

• Oahu condo prices reached a record high in March at $440,000, up slightly from January 2018’s high of $439,000.

• A healthy increase in available condo inventory resulted in fewer bid-ups and a rise in Months of Remaining Inventory in March—welcome news for prospective condo owners.

• Condos priced between $250,000 and $499,000 make up the bulk of Oahu’s available condo inventory. This price range also had the greatest increase in number of units for sale.

• Competition for Oahu single-family homes remains stiff, with just 15 Days on Market and 2.5 Months of Remaining Inventory—near record lows. Single-family home available inventory also fell in March.

“We were pleased with the increase in available condominium inventory in March,” said Scott Higashi, presi-dent and CEO of Locations. “With a 16 percent jump in active condo listings over last year, those in the market for a condo have more options this spring compared to spring of 2017. Because of this increase in condo in-ventory, we also saw competition ease a bit, with a 21 percent decrease in bid-ups. Another bright spot for future homeowners (and move-up buyers) is that interest rates have leveled off to less than 4.5 percent—an increase over last year, but still historically low.”

“However, with the median price for condos reaching a new high and one in five condos sold for above asking price, those in the market for a condo should partner with a knowledgeable REALTOR® to gain a competitive edge,” said Higashi.

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About Locations As the state’s oldest and leading independent real estate firm, our trusted Neighborhood Experts have served Hawaii’s families since 1969. For nearly 50 years, Locations has helped more people buy or sell their homes than any other real estate firm in the state. With our rich kama’aina roots, innovative technology and dedicated market-research department, Locations continues to be at the forefront of this ever-changing industry. With nearly 300 agents and five offices across Oahu and one on Maui, our Neighborhood Experts live where you live. Through our non-profit, the Locations Foundation, our agents and staff support more than 100 Hawaii non-profit organizations both through monetary donations and volunteer hours. Visit LocationsHawaii.com/about-us today to learn more. For up-to-date Hawaii real estate updates, follow Locations on Facebook at: www.facebook.com/LocationsHawaii, Twitter at @LocationsHI, Instagram at @LocationsHawaii, and LinkedIn at www.linkedin.com/company/locations-hawaii. Read the Locations blog at: www.LocationsHawaii.com.