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.