Below is the State-Wide Hawaii Real Estate Report showing what happened in our markets during the month of March 2012. It includes aggregate real estate market statistics for the entire state of Hawaii, as well as the individual islands of Oahu, Maui, Big Island and Kauai.
Key Observations:
The first quarter of the year showed new signs of growth, particularly in the median price of single family homes which rose 9.7% to $620,000 as compared to the same quarter last year.
Click to Download the complete April 2012 (1st Quarter Overview) Oahu Real Estate Report
Check out the article below to learn more about the current price pressure and the history of median price changes.
Price Pressure Is Building
Historically, home prices in Hawaii follow a "stair-step" pattern – a several-year period of stability followed by a short and rapid climb in prices, followed by another period of flat prices and so on, as illustrated in the chart above.
The overall market has been in a phase of stability for several years now. The current combination of low interest rates, low inventory, and indicators of growing demand creates an environment that will soon lead to rising prices. As evidenced by the first quarter stats, median prices may have already started to take that upward turn.
What does this mean for you? If you are waiting to buy, you may not want to wait much longer. The factors that make it an opportune time to buy, such as low interest rates, put a lot of pressure on prices that ultimately will rise. If you are thinking of selling, now is the time. Many buyers today offer above asking price due to the scarcity of inventory on the market.
Every neighborhood is unique, so to get a more in depth analysis of the market conditions in your area, please contact your Prudential locations Agent.
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