Cactus & Palms
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Sunday, November 06, 2005Oahu Home Sales Hit Record $5 Billion
For the first time ever, the Oahu homes market has posted sales exceeding $5 billion (through October). This year's ten-month figure of $5.051 billion was $1.13 billion above the same measure in 2004, a dollar volume increase of 28.9 percent. Such staggering figures have created a real boon for sellers, brokers, appraisers, lenders and others associated with Hawaii's real estate industry.
Condominium sales reached a record median price of $290,000 in October, up $3,000 from September's previous record of $287,000. Total condo sales for the first 10-months of 2005 were 6,831. This represented a 4.1 increase over last year. Likewise, single-family home sales were bumped up 0.7 percent, with 3,936 transactions.
One local real estate agent, Gary McCarty, outlined various factors that point toward continued growth in Hawaii's housing market: aging baby boomers investing in real estate, strong local job and income growth, and record tourism. He also mentioned an open house he held on November 2nd for other agents to see two Waikiki condo units. 14 people showed up, including two tourists. McCarty stated, "They were serious buyers. Business is just hot."
Another island real estate expert, Helen On, commented, "Every year it's been busier and busier since 1997."
1:13:35 PM
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