The Honolulu Board of REALTORS® has released the residential resale statistics for Oahu, Hawaii for the month of January, 2013.
The median price of single family homes has dropped to $595,000, down from $618,900 from January of 2012. The condominium market has increased to $315,000, up from $305,000. There were 227 single family home sales and 286 condominium sales, both figures are up from 2012.
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| Single Family Home Inventory by Price Range |
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| Condo Inventory by Price Range |
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The months of remaining inventory in both markets are significantly lower than January of 2012's numbers. Single family homes have 2.3 months remaining, a 55.8% decrease. Condominium market has 2.7 months remaining, a 42.6% decrease. This graphs above shows a break down of the inventory according to price range.
Last week Wednesday I shared this picture of Paul Brewbaker of TZ Economics showing a slide from his presentation. This is the slide of a projected $1,000,000 median sales price of single family homes and Paul pointing out how difficult it may be to explain to the consumer that the median price for a home in Honolulu could possibly reach $1,000,000 in the next few years.
Are you anticipating a $1,000,000 median price in the next few years? Will you be able to afford a median sales price in that range? What if the mortgage interest rate doubles or triples from the extremely low current rates?
Source:
Honolulu Board of REALTORS® January, 2013 Statistics [PDF]
Rick Nakama, REALTOR® GRI SFR SRES
http://fb.me/RickNakamaR
(330)282-6761
RickNakama@GMail.com
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