Waikiki and Kakaako condo markets continue to perform well, with sales jumping 40 percent and 33 percent, respectively. With an average of 26 to 30 days on market, it's more important than ever to select the right agent to find the best home or investment property for you, and to close the deal quickly!
Read the full report from Pacific Business News, below:
Condominium sales in Waikiki jumped 40 percent in August, while Kakaako condo sales increased 33 percent, according to a local market update by the Honolulu Board of Realtors.
There were 109 condominiums sold in Waikiki last month for a median price of $412,000, 2 percent less than last August. Units were on the market for an average of 30 days, selling 17 days faster than in August 2016. New listings and overall inventory increased 32 percent and 17 percent, respectively.
“Waikiki was a popular option for those in the market for condominiums,” said Sue Ann Lee, president of the Honolulu Board of Realtors. “The area is a great central location in urban Honolulu and offered local homebuyers and investors a wide selection of inventory from studios to luxury vacation condos.”
Kakaako condo sales increased 33 percent in August to 60, brining year-to-date sales up 19 percent to 377. The August median price in the area was $443,500, up 10 percent from last August, while the year-to-date median price decreased 4 percent to $495,000. The percentage of original price received increased 8 percent from last August, with sellers receiving 102.1 percent of the listing price on average. Also, days on market dropped 40 percent to 26 in August.
For single-family home sales, Makakilo experienced a 35 percent bump in August to 23, while the median sales price increased by 82 percent from the same period last year to $750,000. New listings increased by 29 percent and overall inventory rose by 32 percent, while median days on market decreased 17 percent to 24 in August.
“Makakilo was a popular neighborhood for single-family houses as demonstrated by the decrease in days on market and increase in closed sales,” Lee said. “The spike in median sales prices for single-family houses in Makakilo clearly shows the high demand for affordable housing and homebuyer’s willingness to explore options outside the metropolitan Honolulu area.”
In Hawaii Kai, single-family home sales increased 40 percent to 14, while the median price was flat at $1.24 million. Year-to-date sales increased 6 percent to 115 with the median price increasing 7 percent to $1.14 million