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Oahu Real Estate Market Report for August
For those of you buyers who want to use your tax credit before it expires Nov. 30, now is the time to start looking!  After 2 months of gains in numbers sold, single family home sales on Oahu decreased in August, by just a small percentage.  The median home price, which is the point at which half the sales were for more and half for less, fell 10.9 percent to $566,000 in August from $635,000 a year earlier.  As of August this year, the median single-family home price is down 9.4 percent, to $570,000.
In the Oahu condominium market, sales were up 1.7 percent, to 351 last month from 345 a year earlier.  The last time condo sales rose year-over-year was in March 2006.  However, the median condo sale price in August fell 11.6 percent, to $290,000 from $328,000 a year ago.  The last time the median was as low was in October 2005.  For the first eight months of this year, the condo median price was $305,000, down 7.6 percent from the same period last year.
Many Realtors and market followers believe the Hawaii real estate market has just about bottomed, in terms of volumes.  Sellers are now reviewing multiple offers ... more

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