One look at our blog roll over the past few months and you’ll see one consistent theme – Oahu home values have been on and continue to be on the rise. The trend all began with a very limited supply of homes on the market, but even with the wave of new construction occurring in and around Kapolei (among other communities) the course remains unwavering. But can this pattern sustain itself in 2018?
It appears so.
Pacific Business News reports that even with the median value for single-family homes and condominiums on Oahu reaching all-time highs for five years straight, projections expect the arrow to continue upward.
What will the year-end value look like?
Let’s first review 2017 data. The median price of a single-family home in Honolulu Oahu rose by over 3 percent, bringing it to a total of $760,000. The rise was even more considerable for condominiums, with the median price rising 5 percent to a sum of $410,000.
More telling, is that even with the rise in median home values, sales of both single-family homes and condominiums increased by 7% year over year. That equates a perfect storm for sellers in 2018, because the upward trend in home values is being fueled by the upward tend in sales. This is why experts are confidently suggesting that the 3% growth from last year is likely to be greater (more like 5%), ultimately pushing the median value of a single-family home up towards $800,000. And even though year-over-year listings of new condos on Oahu rose by a whopping 25 percent in the final period of 2017, experts predict condo median prices to rise by 6%.
Sellers – If you’re on the fence about listing your home or investment property, you need not worry. In the right hands you will get top dollar for your single-family house or condo.
Buyers – If you’re on the fence about buying a single-family home or condominium, the time to do so is now, before that median value gets higher. And by buying now, you will gain further confidence in your purchase as you see your investment increase in value at year end (and beyond).
Whichever category you land in, the next step starts by contacting the Richmond Realty Hawaii team as soon as possible, via a call/text to 808.284.1004 or by email at email@example.com.
~ Richmond Realty Hawaii ~