KRIS THE OAHU REAL ESTATE MARKET CONTINUES TO SOAR THIS YEAR. SALES ARE STRONG, PRICES ARE RISING, AND COMPETITIVE RECORD LOWS. JOINING ME NOW FOR THE “MONTHLY MARKET REPORT” IS CHAD TAKESUE, SENIOR VICE PRESIDENT OF SALES SALES CONTINUE TO BE STRONG…A BIG INCREASE IN MAY? CHAD SALES ARE STRONG AND INCREASING IN 2017, BOOSTED BY MAY SALES UP 12% RISE IN 2017. OAHU PRICES CONTINUE TO INCREASE, WITH MAY MEDIAN SALE PRICES OF $750,000 FOR HOMES, UP 4% FROM LAST YEAR AND $407,000 FOR AND 14% FOR CONDOS. THIS COULD MEAN SOME RELIEF FOR HOMEBUYERS STRUGGLING TO FIND AVAILABLE PROPERTIES. KRIS BESIDES LOOKING AT NEW LISTINGS, HOW ELSE CAN PEOPLE GET A FEEL FOR THE TIGHT MARKET CONDITIONS? CHAD THE MARKET CONTINUES TO BE COMPETITIVE, WITH MORE HOMES AND EVERY 4 CONDOS SOLD, WERE BID-UP OVER ASKING PRICE. SELLERS ARE ACCEPTING OFFERS IN JUST 2 WEEKS.
KRIS ARE WE SEEING ANY ENCOURAGING SIGNS FOR BUYERS? CHAD YES, DESPITE A LOW OVERALL NEIGHBORHOOD OF THE MONTH. WHAT A: KAHALA BOASTS SOME OF THE MOST EXPENSIVE BEACHFRONT REAL ESTATE IN THE COUNTRY. THE MEDIAN PRICE FOR A SINGLE-FAMILY HOME IN KAHALA IS JUST OVER $1.8 MILLION, AND IN THE EXCLUSIVE WE’RE HEADING INTO SUMMER NOW-A HISTORICALLY “HOT” SEASON FOR THE MARKET, WHAT COMPETITION IS LIKELY TO INCREASE AS WE HEAD IN TO SUMMER, AND WITH THAT INCREASED COMPETITION,.
