2012 in Oahu Real Estate went on record as one of the strongest seller's markets in a long time.Â The median home price for at the end of 2012 was $620,000, up 7.8% since last year, while condos were at $317,500, up 5.8%.
A year ago, Oahu median home prices were just $575,000, and median condo prices were at $300,000.Â The number of sales increased as well, up 6.5% or homes and 8.2% for condos compared to all of 2011.
The main factor driving up prices is the lack of inventory, with only 2.5 months of home inventory in Oahu. This led to sellers receiving an average of 97% of their asking price in 2012, as compared to 95% in 2011.
But most people want to know where the market is going in the future, not where it was in the past.Â What will 2013 look…