Yes, the weather in Hawaii is hot in the summer. And while Labor Day has come and gone, signifying the beginning of autumn, the weather says otherwise as the sweltering continues islandwide.
But that’s not the only thing that’s HOT around here. The market has done what is always does in the summer months… sizzle like a good ribeye on the grill. Let’s take a look at some recent numbers….
The median single family home price in Honolulu County for August 2015 was $699,000, according to the Honolulu Board of Realtors. That’s a full 7.5% increase over the same month a year earlier. This July’s median SFH price was $710,000, a 3.9% increase over July 2014. June was $700,000 on the nose, the same as a year prior.
While the days of skyrocketing month-after-month prices may be subsiding, there’s no question that it’s still a growing market. The future is always unknown and anyone telling you that the Hawaii market is a sure thing should be questioned, but it sure seems like a good investment compared to the risk of other investment vehicles.
Interest rates remain low, inventory is a premium and employment is healthy. These are all contributing factors to what should see the year finish out with a median SFH price over $700,000 for Oahu and continue northward into 2016. The neighboring islands should see similar trends in their respective markets.
As an example, our sister company, Oahu Home Buyers, is buying a townhouse next week in Ewa’s Mariners Place Townhomes. Any homes hitting the MLS there have been scooped up quickly. As of today, there are no properties available in the whole complex; any previously in escrow have seen the buyer follow the purchase all the way through to the end. This should be a great project and we expect buyer demand to be high when we’re finished with the renovations.
Stay tuned…. fall could be a very interesting season for the Hawaii real estate market.