As noted last month, Oahu real estate got off to a hot start this summer. And things aren’t cooling down. In fact, June was a record-breaking month. According to statistics released by the Honolulu Board of REALTORS®, the median sales price of a single-family home on Oahu rose to new heights in June — reaching $700,000 for the first time.
June’s record-breaking high is well above the $677,250 median sales price of a year ago and shatters the previous all-time record of $685,000 set in December.
The demand for housing on Oahu remains very strong, due to low interest rates and low inventory (or supply). And sales momentum continues at a blistering pace with June’s record prices marking the 12th consecutive month of price gains on Oahu.
According to Fannie Cline R, Windward Office Branch Manager at Coldwell Banker Pacific Properties, “Inventory levels are some of the lowest since World War II. Low supply with high demand equals higher prices.”
These stats – and more – are examined in the latest Market Update by Coldwell Banker Pacific Properties. Below are some additional highlights:
- The median price for Oahu condos also reached record highs in June at $360,000, which was 9.1% higher than the $330,000 from June of 2013, and just barely higher than the previous record of $359,000 set in February this year.
- In Hawaii Kai there was a whopping 75% increase in the number of single-family home sales, even while the pace of sales in that category islandwide was down last month.
- Single-family home sales in Mililani also rose sharply— up 100% — and prices in this hot neighborhood are up in both categories as well.
Click here to view the full report.