Oahu’s Condo Prices Are On The Rise

Oahu’s median condominium prices reach new height two years in a row. Based on Honolulu Board of Realtors’ latest monthly sales report, the new record of Oahu’s condo prices sets $381,500 last month which is 19 percent increased amount from $320,000 in the same month last year. On the other hand, The median price for single-family house increased 7 percent to $675,000 from $629,500 in 2014. As prices have increased, the number of sales have dropped in January compared to last year.

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Local economists have been saying that new home construction near record lows on Oahu influence the median prices.In addition, other factors like rising personal income, falling unemployment, low interest rates and record tourism also put pressure on the median prices. Also, the Economic Research Organization at the University of Hawaii published a forecast in August predicting Oahu home prices will rise through at least 2017.

Please click here to view the full report from Honolulu Board Realtors.

About the Author

Brandon Lau grew up in Kailua and currently resides in Honolulu with his wife Andee and children Caylah, Elijah, and David. His eighteen years in real estate led him to become a Partner at ChaneyBrooks Choice Advisors. Over the past 10 years he has developed the team and systems that has created a high level of service and value for his clients.

What differentiates Brandon and his team is his consultative approach to real estate. He advises clients with relevant data and expert insight to help them make the best choices in real estate. Good choices in planning for long term dispositions, negotiating for the best price or knowing when not to pursue an investment are ways his consultative services will give you an advantage in the marketplace. His bottom line is providing service with the utmost integrity and expertise.