According to statistical data released by the Honolulu Board of REALTORS, Oahu's housing market has reached an all time record median price for single family homes and condominiums in June 2014. The new record breaking median price for a single family home is $700,000, as compared to the previous record set in June 2007 of $685,000 while condominiums also set a record at $360,000, slightly beating the previous record set in February 2014 of $359,450. Julie Meier, the president of the Honolulu Board of Realtors, stated, "June was a remarkable month. This shows the very strong demand we're currently seeing for housing. That demand, coupled with low inventory, is what's causing the continued growth in median sales prices."
The University of Hawaii Economic Research Organization predicts that Oahu's single-family house median sale price this year will rise to about $710,000. UHERO further predicts that in 2015, the state will see about a 9 percent gain and the median price will reach about $775,000. As for condominium prices, UHERO predicts that the state should see another 6 percent gain next year to about $375,000. The University of Hawaii Economic Research Organization comments that fueling this growth are low interest rates, rising personal income and job growth, and relatively new housing inventory being added.
Source: Honolulu Star Advertiser, 7-7-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
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