Honolulu County Real Estate Market Report- May 2010

As the saying goes...the only thing constant in this world is CHANGE.  The same goes for our Honolulu County Housing Market Statistics and in May of 2010 our housing market showed an INCREASE in sales prices!

Single Family Resale Numbers:  Our sales numbers for single family homes in May of 2010 showed a stable number of sold single family homes of 284...only 2 down from the previous month. The Median Sales price went UP UP UP from $563,000 to $606,000!  These statistic do show an increase of 11.8% in sales prices from the year before and also shows an increase of 31.5% from May of  2009 to May of 2010 from in sales numbers!  A better year indeed!

Condo/Townhouse Resale Numbers:  Our Honolulu Real Estate Housing Market sales numbers for condos/townhouses decreased slightly from 390 solds in April 2010 to 355 in May of 2010. Honolulu County Median sales numbers increased 35.5% from May of 2009 to May of 2010 and increased in sales prices over the last year form $300,000 to #312,000.

With the FIRST TIME HOMEBUYER TAX CREDIT ended we expected a decrease in sales.....NOT THE CASE! And with interest rates still low and  inventory considerable down in all neighborhoods the shifting is evident with more homebuyers in the market fighting over homes. 

Hawaii Home Buyer | SOME Military Qualify for Extended Tax Credit. Yup, the Home Buyer Tax Credit ended on April 30, 2010 but there are some "Qualified service members" (which means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community) that may still qualify for the extension of this Home Buyer Tax Credit. Qualified service members who are ordered on a period of official extended duty are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.

READ THE DETAILS HERE: http://www.federalhousingtaxcredit.com/service_mem.php

These Honolulu County Market Statistics vary from neighborhood to neighborhood and I continue to experience multiple offers on homes and townhouses in all areas in Honolulu County including short sales. Stay tuned for more neighborhood market statistics or contact me at sally@hawaiihomesmarket.com for more information!

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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves all Hawaii Home Buyers and Sellers on the island of Oahu (Honolulu County) including all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents.

Website: www.hawaiihomesmarket.com