Hawaii Condos- Hawaii New Homes
According to the annual market tends in 2004, it was anticipated that in 2005 new home sales in Hawaii would rise by a percentage of 5 and condo sales would go up by 10 percent. A lot of this of course depends upon what happens with respect to mortgage rates. They must always be taken into account.
In 2002, 996 new homes were sold in Maui, Hawaii. The median price was $375,000. Condo sales in 2002 had a median price of $195,000 with 1,573 units being sold. In 2003, 1,420 new homes were sold in Maui with a median price of $440,000. In 2004 there were less homes sold, 1,221, but the median price went up to $550,000.
As far as condo sales go, in 2003 there were 2,001 units sold at a median price of $241,325. In 2004, as in the case of new homes, less condos were sold in Hawaii as well- 1,933 and the price jumped to $310,000.
On the Island of Oahu, prices for both new homes and condos increased from 2002- 2004.
In 2002, 3,906 new homes were sold at a median price of $335,000. In 2003, there were more new units sold, 4,419 but the median price went up to $380,000. In 2004 prices jumped even more, to $460,000 for new homes and 4,694 units sold.
The same scenario occurred for condos in Oahu. Hawaii condo sales increased but so did the median prices.
In 2002, 5,406 condos were sold at prices of $152,000.In 2003, sales increased to 6,898 condos sold at median prices of $175,000. Finally in 2004, condos in Oahu sold for $208,500 with 7,891 units being sold.