Locations LLC has released its real estate analysis for the month of June 2016, finding that the median prices of single-family homes and condos sold have reached record highs. Read more from the Pacific Business News, below:
The Hawaii company, which analyzed Multiple Listing Service sales data from more than 350 neighborhoods, found that the median price of single-family homes hit $760,000, up 9 percent from the median price of $700,000 in June 2015. The median price of condominiums was $413,000, up 22 percent from $338,500.
Competition for available properties became increasingly heated, as bid-ups — listings that are bid up over their asking prices — became more common and single-family homes sold faster than ever during the month.
“Continued favorable low interest rates and prolonged low inventory levels continue to create a highly competitive market for Oahu buyers,” said Dan Tabori, executive vice president of Locations. “While prices are on the rise across many neighborhoods in Hawaii, we are seeing continued strength in buyer demand, most notably reflected in the fast pace of sales and the multiple-offer environment for both single-family homes and condominiums.”
One of every five single-family homes sold on Oahu was in the Ewa area, while one of every five condos sold was in Waikiki.
Seven of the island’s 15 market areas had median sales prices of $1 million or more, Locations reported.