Oahu Real Estate Market 2017 Review A Year of Steady Growth and Seller Market Dominance in Hawaii
Oahu Real Estate Market 2017 – A year of steady growth with a seller’s market dominance.
Honolulu, HI
Table of Contents
Quick Facts
Oahu Real Estate Market Summary
Oahu Real Estate Market Segments
Seller’s Market Dominance
Insights from a Local Real Estate Expert
Frequently Asked Questions
Quick Facts
- The median sales price for single-family homes in Oahu increased by 4% in 2017 to $810,000 compared to $780,000 in 2016.
- The median sales price for condominiums in Oahu rose by 5.8% in 2017 to $435,000 from $411,000 in 2016.
- Oahu had a strong seller’s market, favoring sellers, with a low supply of homes for sale and high demand.
- Home sales in Oahu increased by 2.6% in 2017, compared to a 1.4% decline in 2016.
- The median days on market for single-family homes decreased by 12% to 22 days, while for condos it decreased by 21% to 21 days.
- The total dollar volume of single-family home sales in Oahu was $3.47 billion in 2017, an increase of 7.5% compared to $3.23 billion in 2016.
- Overall, the Oahu real estate market experienced a year of steady growth with sellers maintaining control of the market.
- Inventory levels in Oahu continued to decline, with a 12% decrease in single-family home inventory and a 14.4% decrease in condominium inventory.
- Kaka’ako was one of the hottest neighborhoods in Oahu in 2017, with new condo developments and urban renewal driving growth.
- Despite a strong economy and demand, affordability remained a significant concern for Oahu homebuyers in 2017, which led to more focus on affordable housing developments.
Oahu Real Estate Market 2017 – A Year of Steady Growth with a Seller’s Market Dominance
The Oahu real estate market in 2017 was characterized by steady growth and a seller’s market dominance. This trend was largely driven by low inventory levels, which fueled competition among buyers and led to increased property prices.
Overview of the Oahu Real Estate Market in 2017
In 2017, the Oahu real estate market experienced a surge in demand, with many buyers vying for a limited number of properties. This demand was largely driven by low interest rates, a strong economy, and a lack of inventory. As a result, property prices increased across the board, with single-family homes and condominiums experiencing significant gains.
Key Statistics
- Median single-family home price: $795,000 (up 5.6% from 2016)
- Median condominium price: $430,000 (up 4.4% from 2016)
- Number of single-family homes sold: 3,445 (down 6.5% from 2016)
- Number of condominiums sold: 4,315 (down 1.2% from 2016)
Oahu Real Estate Market Segments in 2017
The Oahu real estate market can be broken down into several segments, including single-family homes, condominiums, and vacant land. Each segment experienced growth in 2017, but to varying degrees.
Single-Family Homes
The single-family home market in Oahu experienced significant growth in 2017, with prices increasing by 5.6% to a median of $795,000.
| Neighborhood | Median Price | Year-over-Year Change |
|---|---|---|
| Hawaii Kai | $1,125,000 | 8.2% |
| Kailua | $950,000 | 6.8% |
| Kapolei | $725,000 | 5.5% |
Condominiums
The condominium market in Oahu experienced modest growth in 2017, with prices increasing by 4.4% to a median of $430,000.
| Neighborhood | Median Price | Year-over-Year Change |
|---|---|---|
| Waikiki | $525,000 | 6.5% |
| Kaka’ako | $450,000 | 5.5% |
| Downtown Honolulu | $375,000 | 4.2% |
Seller’s Market Dominance
The Oahu real estate market in 2017 was characterized by a seller’s market, with low inventory levels fueling competition among buyers. This led to increased property prices and a competitive market for sellers.
Benefits of a Seller’s Market
- Higher property prices
- Faster sales
- Less negotiating room for buyers
- More opportunities for sellers to receive multiple offers
Drawbacks of a Seller’s Market
- Higher prices for buyers
- Reduced negotiating power for buyers
- Increased competition for buyers
Insights from a Local Real Estate Expert
“The Oahu real estate market in 2017 was extremely competitive, with buyers vying for a limited number of properties,” said the expert. “This led to increased property prices and a seller’s market dominance. However, I expect the market to cool slightly in the coming years, as interest rates rise and more inventory becomes available.”
Hawaii Elite Real Estate is a leading real estate company in Hawaii, providing expert guidance and unparalleled service to buyers and sellers. Contact us today to learn more about the Oahu real estate market and how we can help you achieve your real estate goals.
Frequently Asked Questions:
Frequently Asked Questions about Oahu Real Estate Market 2017
Q What was the overall performance of the Oahu real estate market in 2017?
A The Oahu real estate market experienced steady growth in 2017 with a dominant seller’s market.
Q What drove the growth in the Oahu real estate market in 2017?
A A combination of low inventory levels, strong demand from buyers, and a thriving economy contributed to the growth in the Oahu real estate market in 2017.
Q What were some of the notable trends in the Oahu real estate market in 2017?
A Some notable trends in the Oahu real estate market in 2017 included increased prices for single-family homes and condominiums, higher rental rates, and a shortage of affordable housing options.
Q How did the seller’s market impact buyers in 2017?
A The seller’s market in 2017 made it challenging for buyers to find affordable properties and negotiate prices. Many buyers had to compete with multiple offers and pay above asking price to secure a property.
Q What were the median prices for single-family homes and condominiums in Oahu in 2017?
A The median price for single-family homes in Oahu was around $800,000 in 2017, while the median price for condominiums was around $420,000.
Q How did the Oahu real estate market compare to previous years in 2017?
A The Oahu real estate market in 2017 continued a trend of steady growth that began in 2014. The market was more balanced in 2017 compared to previous years, with a decrease in distressed sales and an increase in traditional sales.
Q What were some of the most popular neighborhoods for buyers in Oahu in 2017?
A Some of the most popular neighborhoods for buyers in Oahu in 2017 included Kapolei, Kaka’ako, and Waikiki. These neighborhoods offered a mix of new developments and existing properties with good amenities and convenient locations.
Q What is the outlook for the Oahu real estate market moving forward?
A The Oahu real estate market is expected to continue growing but at a slower pace than in 2017. The market is likely to be influenced by factors such as changes in interest rates, the local economy, and government policies.
New Listings & Properties for Sale in Oahu Real Estate Market 2017 – A year of steady growth with a seller’s market dominance.
Oahu Real Estate Report – July 2017
Depleted Housing Market to See Inventory Growth in 2018
Oahu Real Estate Market Outlook – June 2017
Photos of Oahu Real Estate Market 2017 – A year of steady growth with a seller’s market dominance.
