Honolulu County IS the island of Oahu and known as the "Gathering Place" and in the Hawaiian language means "sheltered bay" or "place of shelter". Honolulu is the capital and is more populated than other island and the financial center of the islands.
Honolulu is rich in cultural history and more famously known as the permanent capital of the Hawaiian Kingdom after King Kamehameha moved his royal court after he conquered Oahu in the Battle of Nu'uanu at Nu'uanu Pali from the Island of Hawaii to Waikiki in 1804.
Let's take a look at the past year in the Honolulu Housing Market...........
Year of 2010 for Honolulu Single Family Homes
Honolulu Single Family Home Market Report 2010: Year of 2010 Honolulu had 134 single family homes sold. We did half the volume this year as in the year 2009 with 258 single family homes sold for that year A significant drop in sales numbers.
Sales Prices for 2010 ranged from $450,000 (3 bdrm in Kapahulu) to $2,700,000 in Nuuanu (for a 5 bdrm w/8,289 sq/ft interior) compared to Sales Prices in 2009 ranging from $450,000 (3 bedroom in Nuuanu- a rebuilt) to $2,990,000 (5 dbrm and 5,524 sq/ft in Tantalus). Average Days on the Market in 2010 was 68 days compared to 2009's of 78! Not bad!
Inventory is lower than a year ago with 153 homes on the market from Aliamanu to Manoa area. Prices are slowly regaining ground and there are 64 homes currently in escrow. Interest rates have gone up a bit and I can safely presume that they aren't going to be at this level in months to come.
If you believe that you are ready to buy and your circumstances are favorable now is the time to purchase that dream home. Prices are low but when interest rates are going up the difference in the math shows that your monthly payments will be significantly higher.
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Celeste "Sally" Cheeseman is a REALTOR-ASSOCIATE® and Certified Residential Specialist 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 the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com
Cell/Text: (808) 375-1404
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