As the summer selling season draws to a close and we start to approach the holiday season, I wanted to give you an idea of our local market and the trends that are happening now compared to last year.
For single family homes and condo's, inventory is down in most area's which will tend to drive up prices. When X number of buyers are looking at Z number of houses, and X is greater than Z, that means bidding wars ensue (from buyers) which always end up pushing sale prices higher.
For single family homes, median sales prices went up this year 6.45% compared to the median sales price in 2014. The average days on market went up 3 days, to 25 days on market, compared to last years 22 DOM.
For condominium/town homes, the median sales price also went up 3.3% compared to last years prices.The average days on market for condo's went down this year to 25.5 days on market, compared to last years 26.4 DOM. Not a huge change, but notable considering the trend these past few years. With single family homes becoming increasingly more expensive, condo's/town homes are becoming a more affordable option for families and investors.
As we've been saying here at alohatony.com, sales prices continue to rise in single family homes, and are continuing on the approximately 6% per year rise. And also with condo/town homes rising again with 3.3% this year. The Hawaii real estate economy continues to prove it's strength and stability with these figures. This proves again that investing in Hawaii (Oahu) real estate is a great choice.
Call us today to get personal representation in the purchase (or sale) of your home.
By: Chelsea Pferschy RS# 76072 (808) 754-6000 Team Aloha Tony-Hawaii Homes International Statistical information provided by the Honolulu Board of Realtors-HBR