• Skip to main content

Nick Kawakami

Real Estate Service Powered by Innovation

  • Home
  • Articles
  • Buy
  • Selling
    • How Much Is My House Worth?
  • Island Living
    • Omiyage Directory
    • Oahu Zoning and Tax Map
    • Honolulu Rail Map
    • Oahu Realtor Neighborhood Map
    • Hawaii School Data & Reports
  • About Me
    • Bio
    • Commissions for Change
    • YouTube Channel
    • Reviews
    • Mission Statement
  • Contact

Don’t Freak Out! 😁 “Oahu home prices hit $700K”

July 7, 2015 By Nick Kawakami

Waking up to read the news this morning, and seeing “Oahu home prices reach $700K,” either did one of two things: made you really happy, or really scared! Either way, I recommend tempering your emotions and here’s why…

Oahu prices hit $700K

First of all, the median price for O’ahu single family homes did hit $700,000. The Star-Advertiser did not lie about that. However, if you look at the numbers, that’s only a $2,000 (0.3%) jump from last month, and exactly the same as June 2014. $700K is a nice number to put in a headline (especially in big, looming letters), but don’t be fooled by exaggeration.

So what do the numbers actually say? Last month, it seems that more lower-priced condos sold, dragging the median condo price down 9.7%. This might be triggered by all the new condos closing in Kakaako, which some people might be upgrading to. There was also a good-sized jump in the number of condos sold, another sign that people are upgrading.

For single-family homes (SFH), there was a slight uptick in median price, like the paper said, but there was also an almost 5% increase in number of units sold. Ask yourself, if everyone was freaking out about the high prices, wouldn’t it show a decrease in sales?

Overall, from an agent’s perspective, the summer heat is translating to the marketplace. While buyers seem to be a little more picky in what they choose, there is still a lot of people looking for places to purchase with low inventory to choose from. If you would like to talk about your real estate goals, or just want to talk story, don’t hesitate to give me a call!

-Nick

Filed Under: Real Estate Tagged With: news, oahu, real estate, staradvertiser

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter

Copyright © 2023 · Nick Kawakami, AVP, Marcus Realty
Licensed in the State of Hawaii, RS-76713

All information contained in this website is not guaranteed, and any questions should be directed to your trusted real estate agent (hopefully me!).
All media is property of Above The Stream LLC, and all opinions are my own.
All listings are properties of the owners, and requests for removal can be made using the contact page.