Hi Folks. Couldn't help but note this. Hope all are doing well.
If you listen to the cocktail party conversation, or read the newspaper, or even ask half the realtors about the condition of the real estate market....you'd be convinced that "The housing bubble" is deflating like the Hindenburg. Yet the fact is that at $685,000, the median housing price on Oahu has just set another ALL-TIME RECORD. Interesting.....
"The rumors of my death have been greatly exaggerated"....Mark Twain
Link to June Stats
June 2007 Residential Resales Statistics for Oahu
Single Family Home Resales
Number of
Sales This Month
Compared To Median*
Sales Price This Month
Compared To June, 2007338 $ 685,000 May, 2007$ 650,000 up 5.4% June, 2006368 dn 8.2% $ 639,000 up 7.2% Condominium Resales Number of
Sales This Month
Compared To Median*
Sales Price This Month
Compared To June, 2007547 $334,000 May, 2007$325,000 up 2.8% June, 2006641 dn 14.7% $310,000 up 7.7%
Click here to view June 2007 Resales Charts.
*Median price means half the prices were above and half below the given price.
"The Oahu housing market achieved new records in June with the median price paid for a single-family home at $685,000, exceeding the previous record of $668,300 in May 2006, and condominium prices at $334,000, surpassing the prior peak of $329,000 set last July," said Berton Hamamoto, President of the Honolulu Board of REALTORS®. "Although the number of sales has diminished from their peak in 2005, the market is still very active and maintaining a healthy equilibrium with adequate supply and strong demand."
"Oahu residential markets have been pushing the price envelope in recent years, including this June," added Harvey Shapiro, Research Economist at the Board of REALTORS®. "Of the seventeen single-family home neighborhoods tracked for research purposes by the Board, sales of over $1 million occurred in ten or more of them every month since last year. Last month, there were even three neighborhoods registering sales of more than $3.8 million. These high-end sales confirm the opinion held by many REALTORS® that there continues to be substantial demand for our properties and that prices most likely will not be adjusting downward anytime soon, if at all."
{Sorry the data charts do not set up correctly in this format}
Very Best, D