Home Buying Heating Up On O‘ahu
Sizzling sales: single-family home sales up 22 percent on O‘ahu.
Home sales on O‘ahu are heating up as the peak summer season approaches.
There were 301 single-family homes that closed islandwide in April, up 21.9 percent from the 247 that sold a year ago, according to the Honolulu Board of Realtors’ latest statistics. In addition, there were 454 existing condo units that exchanged hands in the month, up slightly from the 445 from April 2014.
The 755 total properties sold in April is the highest total since 767 properties were sold in August 2014.
The strong demand for single-family homes may be attributed to several factors, including buyers trying to take advantage of the historically low interest rates before the Fed starts its rate increases. Another may be buyers trying to get in before the summer rush.
“Although the inventory of single-family homes and condos is slowly improving, demand continues to outpace supply,” says Jack Legal, president of the board. “Generally, this is the time of year we begin to see an uptick in the market coming out of the winter doldrums, and it looks like this year is no exception.”
Prices, meanwhile, continue to climb. The median price for a single-family home in April rose 4.2 percent to $674,900. Condos increased 4.4 percent to $370,475.
According to projections by the University of Hawai‘i Economic Research Organization, single-family home prices are expected to reach $709,600 this year. Condos are expected to rise to $365,000.