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The Hawaii Real Estate Market Is Hot!
Manage episode 156240566 series 1181640
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Condos and single-family home prices have both gone up since last year.The average sales price for single-family homes in September was $730,000, which is a 7.5% increase from 2014. The average sales price for condos was $366,000, a 5% increase from 2014.
Demand, interests rates, and supply cause interest rates to rise. Demand is very high in Hawaii, and interest rates are still historically low, hovering between 3.5 and 3.7 percent. These low rates fuel the demand, and allow buyers to purchase homes in price brackets they couldn't previously afford. However, supply is low. There are not many homes on the market, which means the buyers have fewer to choose from and will pay more to get the home of their dreams.
What does all of this mean? It's still a good time for buyers to come into the market and take advantage of the historically low interest rates. Now is the best time to sell, as sellers can sell quickly and for top dollar. The Hawaii real estate market is hot!
If you have any questions, please do not hesitate to give me a call or send me an email. I would be happy to help you!
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