Still Not Sure It's Time To Sell in Honolulu?
Word on the street is that the Honolulu median home price could reach $774k by 2015! According to a recent forecast from the University of Hawaii Economic Research Organization (UHERO), the median price of single-family homes in Honolulu could increase as much as 9.8 percent this year surpassing the $700,000 mark.
The forecast also predicts that by 2015, a single-family home on Oahu will have a median price of $773,800!
The median price of a single-family home in 2013 was $647,000. Per the Honolulu Board of Realtors, the record currently for the median price of a single-family home on Oahu is $685,000.
The median price of condominiums is also expected to rise from a record high $359,450 in February to $376,300 by 2015, a 6.2 percent increase!
The UHERO report states: “Moderate interest rates and further strengthening of economic fundamentals will stimulate demand for homes and drive prices upward,” and “While Neighbor Islands are still waiting for a decisive upturn in residential permits, the Kaka'ako condo boom is leading a strong pick up in Honolulu."
Author: Michelle Trimmell, RA
*Resources: Honolulu Board of Realtors, Paul Tamashiro, University of HI Economic Research Organization