It's easy to make a case for Oahu being the last place that sellers are still in control. While most mainland areas are declining or flattening, prices of Oahu homes are still going up in most areas. Our inventory is down from last year, and the average home sells in only 44 days. Condos sell in 37 days!
While there is some slowing in the very low and very high end markets here, the average home, which is about $800k, is still selling very quickly. In fact some of my buyers have a hard time finding something to buy!
It's probably because a)everyone wants to live in Hawaii and b)we have tons of military who move in and out every year. 7000 military families will be coming to Hawaiin in December, and that's just one of several times this year that we will get a big rush of movers.
Also, considering all the baby boomers retiring in the next several years, Hawaii may be one of the best investments in the country. We have a tiny island here in Oahu, and everyone wants to live in it.
On the other hand, why are Maui, Kauai, and the Big Island markets going down so fast right now? Their collective market is down about 20% in price, and 50% in sales over the last 2 years. WHY?
For one thing, all the military bases are on Oahu. And most of the sales on the outer islands are 2nd homes and rentals. That market is all but dead everywhere in the US. Oahu is the only island that has a continual inflow and outflow of people who actually have jobs. We have great health care. If you live on Maui and you have a serious health problem, you have to FLY to Oahu to be treated. It could be the difference between life and death!
If you want to make money in real estate, Oahu is the best place in America in my opinion. We have limited land and tons of resources, and everyone is moving here.
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That sounds like an awesome market . I want a piece of that action again. It was in the early 90's last time I was in Hawaii.