Oahu median prices for single family homes and condominiums rose for the first time since 2007, which means that the downturn only lasted for 3 years. Today’s Star Advertiser article pointed out that a combined 3.1% increase in price as well as a 13.4% increase in single family sales means that the market is beginning to shift towards a sellers market in most parts of the island.
The December sales reported in the article indicated more gains than decreases in most neighborhoods. Median sales comparisons are not always valid for comparison sakes as much as same house sales figures, which usually give a clearer picture.
When using the same house approach the Oahu market placed 3rd in the top 50 markets for gains. Supply and demand becomes a factor, as there are fewer homes available at the end of 2010 than there were for the previous 4 years. With less inventory available and rising prices, there will be even more pressure for sellers to continue to raise prices.
Contact me if you have any questions about Oahu real estate.