Oahu Homes & Condos: More New Price Records
Oahu home sales bounced back sharply in August, after experiencing a slight dip during June and July. Median prices for single-family homes and condominiums soared to $625,000 and $282,000, respectively. These were new records for Oahu real estate.
The median price for a single-family home jumped 38.9 percent over August, 2004's $450,000 figure. Condos escalated 35.7 percent over the $207,800 mark set 12 months earlier.
Judith Kalbrener, President of the Honolulu Board of Realtors said: "We're back on track for another record year."
Prices continue to rise, given the high demand and short supply of island homes on the market. Those that are reasonably priced are quickly sold, shortly after being listed. August's sales garnered strong attention from first-time buyers, Mainland investors, and families utilizing low-interest rate loans.
One long-time renter, Kapiolani Community College Professor David Behlke, decided it was time to buy after his landlord informed him of a pending 25% rent increase. He purchased a three-bedroom townhouse at West Loch in August.
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