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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