The Home Price Index for Hawaii may be traveling up?
The Hawaii House Price Index is at a current level of 454.03, up from 450.35 last quarter and down from 456.66 a year ago. This is a change of 0.19% from last quarter and -2.33% from last year.
Unemployment is still under 6%.
According to the Honolulu Board of Realtors. Believe it or not, the median home price has increased from $570,000 last year to $618,900 for the same month last year, an increase of 8.6% and condos went from $291,000 to $305,000, a 4.8% increase over last year. There was also an increase in buyer activity by 19% higher. This increase may be due to shorter supply and buyers wanting to get something before the rates go back up.
Scaricity of available land has always been an issue. Sources indicate a cost of living ranging from 30% above the national average to well over 60% for certain family sizes. The State of Hawaii and federal government control more than a third of the land area. 40% of the private land is held by a handful of private entities, mostly the estates of the children of 19th century missionary families and Hawaiian royalty, including Kamehameha Schools, Castle & Cook, and Alexander & Baldwin. Additional land is held in environment trust by organizations like Nature Conservancy.
James Campbell Estate, later James Campbell Company, has done a great deal of residential development west of Pearl Harbor in recent years. Unless other landowners follow suit, home prices are likely to stay out of the reach of most of Hawaii's working class and many professionals, whether or not prices are bid up by people who do not intend to live here full-time.
One of the major concern here on Oahu is "FUEL PRICES". That would have a tremendous impact on us. Any fluctuation up or down, can greatly affect travel here, along with the cost of goods and services.
As the saying goes "if you want to live in Paradise, you have to pay the price". I've loved it, been living here since 1972!
If you want to buy to live, as a get away, an investment, then call me. 955-1577 (Hawaii Area code 808)
If you are thinking of selling to move up, move down or move out, then also call me (808) 955-1577