The Honolulu Board of Realtors released the residential resale statistics for August 2016 and the median prices for housing saw large jumps in the single-family home sales and condo sales.
The median price of a single-family home was $747,500, up by 6.9% compared to last August. The median price of a condo was $398,000, up by 12.4% compared to last August. The days on market for a SFH dropped to 16 days and condos dropped to 15 days.
There is a serious lack of inventory of homes for sale and this will continue to drive prices up if the mortgage rates remain steady.
The National Association of Realtors published this list of "This Month's 20 Hottest Housing Markets" for August and Honolulu is not on that list. I can't imagine how difficult it must be to compete to buy a home in one of those markets. If you are looking for investment property in one of those cities, perhaps you may want to consider what might be available in Honolulu.
Also released this month by the Honolulu Board of Realtors is the HomeSpotter App. <-- Click the link to download the app for iOS of Android and test it out. It enables easy chatting with me about properties that you are curious about and it's also the most accurate and up to date source as it is the official home search app licensed by the Honolulu Board of Realtors. Trying to memorize addresses or MLS numbers to ask more information about listings is not necessary with this app. Just use the various search methods (filter, map, A/R parameters) to see what is available, click on the listing, browse photos and information and share the listing with your agent by a chat option within the app or just share it by text, email or one of the other methods the app takes advantage of. It also searches rental listings that are managed by a Realtor!