Second Quarter numbers are in and they reveal some interesting trends. Both the number of sales and sales prices continue to rise. Number of sales for single family homes were up 1.2% and condominiums were up 0.7% compared to the same quarter last year. The Median Price of single family homes and condominiums increased 6.8% and 1.5% respectively.
Click here to download the complete July 2012 Oahu Real Estate Report - 2nd Quarter Overview.
The Myth of the California Effect
People like to discuss Hawaii's market trends relative to other states or countries. With real estate, we often hear repeated the myth of "the California effect" or "the mainland lag". The truth is, Hawaii is a unique market that doesn't follow the trends of California, the US mainland, Japan, or anywhere else.
Hawaii is typically a seller's market despite what is happening elsewhere, due to our overall low inventory and limited developable land. From an international perspective, Hawaii has unique attributes that make it a desirable investment.