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One third of Oahu homes sold for more than asking price in 2013

February 1, 2014 By idx guys Leave a Comment

Jan 21, 2014, 1:42pm HST
Bill Cresenzo Reporter – Pacific Business News

One-third of single-family homes on Oahu sold for above their asking prices in 2013, setting a record for the island, according to a report.

The previous record was set in 2005, when bid-ups stood at 23 percent.

Around 20 percent of condominiums sold for prices higher than their listing prices.

For example, a home in Diamond Head sold for $2.51 million, when the asking price was $1.98 million. A condo in Waikiki’s Island Colony sold for $244,000 when the asking price was $199,000.

“Homes that sell for more than the listing price, or bid-ups, are the surest indicator that prices will continue to rise.”

The Honolulu Board of Realtors reported earlier this month that the median price of single-family home hit $685,000 in December, which tied with the record set in June 2007.

Filed Under: Featured Blog, Honolulu Board of Realtors, Honolulu Board of Realtors Market Reports, Oahu home sales, Oahu Island, Oahu real estate, Oahu real estate sales, Pacific Business News Tagged With: market reports, market updates

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