Honolulu median home price could reach $774k by 2015
Bill Cresenzo Reporter – Pacific Business News
The median price of single-family home in Honolulu could rise 9.8 percent this year to surpass the $700,000 mark, according to a recent forecast from the University of Hawaii Economic Research Organization.
And by 2015, the Hawaii construction forecast by UHERO predicts a single-family home on Oahu will have a median price of $773,800.
The median price of a single-family home for all of 2013 was $647,000, while the current record for the median price of a single-family home on Oahu is $685,000, set in December and July of last year, according to data from the Honolulu Board of Realtors.
The report forecasts the median price of a condominium this year will rise 6.2 percent to $354,400, and that by 2015, the median price of a condo is forecast to hit $376,300. Oahu condo prices hit a record high in February, when the median price of a unit was $359,450, according to the Honolulu Board of Realtors.
“Moderate interest rates and further strengthening of economic fundamentals will stimulate demand for homes and drive prices upward,” the UHERO report says. “While Neighbor Islands are still waiting for a decisive upturn in residential permits, the Kakaako condo boom is leading a strong pick up in Honolulu.”