The Pacific Business News reports are in and have been confirmed – the median price of a single-family home on Oahu indeed jumped 10 percent in April to $795,000.
The moves marks the largest percentage increase for any month in four years. Of course, when that happened four years ago, the median price was just $679,000, nearly $100K less than where the median value is today. Even more interesting, is the fact that it’s been a full dozen years since there was a double-digit increase in the month of April (2006).
And with real estate on Oahu being as it is, year-over-year home sales continued to rise regardless of the double-digit median price increase. Sales of single-family homes last month increased by a total of 2 percent, which equated 300 homes sold on the island.
While the median price of condos on Oahu remained stable at $420,500 (compared to $419,500 in April 2017), sales skyrocketed by 14 percent to a total 560 units sold. The number of active condominium listings also increased by 14 percent in April, so it’s a good sign that the new inventory didn’t drag the price down. If you’re sitting on a condo property it might be a good time to list it today and price it at a premium because we expect the median price to climb into the early summer and then stabilize again – so strike while the iron is hot folks!
But things get even more interesting for those considering putting their property on the local market.
The Department of Planning and Permitting (DPP) released their updated Honolulu Area Median Income (AMI) report for 2018, and the news is good. Median income has increased 11 percent from 2017 to $96,000, and for a family of four the total is $116,000. This 11% marks the biggest increase ever reported in Honolulu since the DPP started reporting AMI back in 1990. Let’s repeat – it’s the biggest median income increase in nearly three decades! What does that mean to you, as a prospective seller of real estate on the island? Well, you have a new wave of buyers on the market that can now afford to pay a premium dollar for your property. The time to list, is now.
In addition to staying on top of (and reporting on) Oahu real estate market news, Richmond Realty Hawaii has a long standing reputation in getting top dollar for sellers, whether you own a single family home or condominium. View more on what we can do for you when you list with us, right here.
Contact the Richmond Realty Hawaii team today to begin the relationship with a casual conversation. Call us anytime at 808.284.1004 or send us an email to firstname.lastname@example.org.
~ Aloha ~