Oahu Homes: No Boom-to-Bust
Even though the median price of a single-family home in Oahu's red-hot market is approaching $600,000, industry experts do not foresee any sudden slowdown in sales activity or prices. On the contrary, the demand for homes is expected to remain high.
Key factors here are Hawaii's rising wages and the economy's positive long-term outlook. Also, because of restrictive island land-use laws, county leaders have not formulated plans for new housing developments on a large scale.
Carl Bonham, University of Hawaii economics professor, recently said:
"All of the properly entitled land is built out, and that means prices will keep going up over the longer term. There's not a lot of risk of there being too much product."
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