The median price of homes on Oahu reached another record in November 2014 at $719,500, or a gain of 5.2%. This trend continues to support the prediction of Hawaii’s leading real estate economist Paul Brewbaker, who predicted a $1M median price by 2018. Brewbaker’s prediction is based on projections that home prices would appreciate by 15% each year. In the rolling 12 months, Oahu homes increased 17%.
Inventory levels are still indicating a Seller’s market with only 2.6 months of remaining inventory. Add to that New Listings and Active Listings are both down significantly from the same time last year, buyers are still experiencing multiple offer conditions when making offers on homes, it’s hard to argue that Paul Brewbaker will again hit his mark as he’s done countless times in the past.
Buyers are cautioned to not putting off buying a home on Oahu thinking home prices are going to drop. At least not in the foreseeable future.
Source: Honolulu Board of Realtors, PBN Biz Journals
Inventory levels are still indicating a Seller’s market with only 2.6 months of remaining inventory. Add to that New Listings and Active Listings are both down significantly from the same time last year, buyers are still experiencing multiple offer conditions when making offers on homes, it’s hard to argue that Paul Brewbaker will again hit his mark as he’s done countless times in the past.
Buyers are cautioned to not putting off buying a home on Oahu thinking home prices are going to drop. At least not in the foreseeable future.
Source: Honolulu Board of Realtors, PBN Biz Journals
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