Hawaii Real Estate Market Trends
Hawaiian real estate market trends vary from year to year. That being said, 2012 brought Hawaii fantastic news as far as single-family home, condo and townhouse purchases and sales go. These current trends should last us all the way through 2013, with more great Hawaii real estate market trends being announced throughout 2013.
You can check out some number from this past year below, but before we get into that lets take a minute to reflect on the current state of Hawaii, including a quick touch on interest rates.
Hawaii property sales is usually always ahead of the curve when it is compared to the rest of the nation. Even after the housing most recent housing crisis hit the state of Hawaii was able to pull through easier and faster than most every other state in the nation. That is because of a couple of factors. We are in the middle of the Pacific Ocean (surrounded by water) and almost all of Hawaii is considered prime real estate.
With that being said, the housing market has continued to thrive over the past year and will continue to skyrocket over the foreseeable future.
Right now is a perfect time for buyers, especially first time buyers. The Feds have continued to lower interest rates and they now sit at an all-time low and from everything that has been reported the Feds will continue to keep interest rates low. The market for sellers is beginning to come around as well, as more and more potential sellers are starting to realize that they can now sell their homes for a fair price and purchase something else.
Current Statewide Trends (Trending Up for Foreseeable Future)
- Single Family Homes: Median Price - $500,000
- Condos: Median Price - $320,000
- Single Family Homes: Median Price - $625,000
- Condos: Median Price: $325,000
- Single Family Homes: Median Price - $485,000
- Condos: Median Price: $351,495
- Single Family Homes: Median Price - $410,000
- Condos: Median Price: $250,000
- Single Family Homes: Median Price - $300,000
- Condos: Median Price: $215,000
All in all Market Trends have been showing us that the market in Hawaii is continuing to recover and even thrive as of late. While other states are still playing catch up, Hawaii seems to have a great handle on the future of real estate.
There hasn’t been a better time in a long time to buy and sell real estate in Hawaii.
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