Hawaii Real Estate Market

Hanauma Bay

As the only island state, Hawaii real estate has for many years commanded some of the highest prices in the country, as sellers compete for the coveted oceanfront island property. Since the changes in the U.S. housing market took effect after the fallout from the greater recession, Hawaii has seen a struggling market. Housing prices plummeted in some areas and foreclosures also skyrocketed in some areas.

Though the market has seen some real struggles over the past couple of years, signs of optimism seem to be just beyond the horizon. According to a March article in the Honolulu Star Bulletin, there were 972 foreclosure filings in the month of February, a more than 25% drop from January and an improvement of 81% year-over-year.

The Hawaii foreclosure average bested the national rate as well: In Hawaii, the average accounted for one foreclosure for every 528 properties; the national average was one foreclosure for every 418 homes.

Hawaii homes for sale show a general trend of rising as well. The Star Bulletin reported that prices for single-family homes rose almost 22% year-over-year on Oahu, with condo sales up 0.3% from the same time last year but up in volume by nearly 50%. And according to Hawaii News Now, the most recent Case-Schiller home prices report showed that median prices in most American cities have risen year-over-year but are still below their highest medians; In Honolulu, on the contrary, prices are stronger, economist Paul Brewbaker said.

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