Honolulu Condos set a Record for Median Sales Price!

By
Real Estate Agent with Harcourts Island Properties RB-20368

No that is not a typo! Believe it or not, the median sales price for a condo on Oahu last month was $337,300- a record high! What is wrong with this picture? Everything else in the news talks about housing sales down, subprime meltdown, housing bottom no where in sight, etc. Yet, we just set a record... Why is that? A number of reasons- people getting priced out of single family homes (still), more people looking to move here vs. leaving, demographic trend of babyboomers looking to retire here, increasing foreign investment due to weakening dollar... the list goes on, however when it boils down- it's simple: there is more demand than supply.  How long will this go on? Who knows... I'm still hearing the same story today from buyers that I've heard over the past 7 years: I'm waiting for prices to drop.... good luck in the wait :) There are however pockets where prices have dropped & feel free to contact me if you'd like to learn more :)

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Rainmaker
625,664
Associate Broker Falmouth MA Cape Cod Heath Coker
http://www.CapeGroup.com & http://www.REindex.com - Falmouth, MA
Heath Coker Robert Paul Properties Falmouth MA

Here is some more good data about the Hawaii real estate market.  You should join the Positive Real Estate News group here on activerain so others can see you post!

Hawaii has had almost 450% appreciation since 1980!

Jun 22, 2008 02:47 PM #1
Rainmaker
662,746
Randy Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

I am amazed how many real estate agents and news media types continue to say the sky is falling.

Jun 22, 2008 05:38 PM #2
Rainer
49,931
Pete Jalbert
The Maui Real Estate Team, Inc. - Paia, HI
R(S)

David-Are you seeing appreciation across the board on Oahu? What are the market segments that are dropping?

Jun 23, 2008 08:12 AM #3
Anonymous
David Buck

Pete, not across the board, however as a whole.  In a nutshell the leeward/west side is down the most & east Oahu is still where everyone wants to be.  Islandwide however, our days on market for condos was 42 and 51 for single family, which isn't too bad...

Jun 23, 2008 08:28 AM #4
Rainer
49,931
Pete Jalbert
The Maui Real Estate Team, Inc. - Paia, HI
R(S)

Thanks for the feedback. It is interesting, we are seeing a bump in median on Maui, but it is a bit deceptive. Most condos are down across the board, but there have been a number of high end new project sales that are causing the median to bump.

Jun 23, 2008 09:33 AM #5
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Rainmaker
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David Buck

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