The National News surely depicts an overall picture (so does NAR) of the housing market that is unrealistic. Why? How can anyone believe that this nationwide report will be the same for every state, county, city and neighborhood? It is unrealistic to report that 'nationwide' it is a beautiful market to buy or sell just as it is unrealistic to report that 'nationwide' it is a bad time to buy or sell. It depends on a wide variety of points doesn't it?
How about this?
- Your Realtor ® will give you a clearer
picture of the current market conditions in your specific area. Bad choice to have your loan officer, friends and family pretending they are the Realtor®. Might as well just watch the news right? - It depends on your circumstances if you are considering selling your home. Relocation to another state? Downsizing? Tragedy in the family?
- It depends on your circumstances if you are considering buying a home. Relocation to Hawaii? Benefits of ownership vs. renting? Retiring? Downsizing?
- It depends on the county, the city & the neighborhood for better market conditions to sell. Your Realtor ® will provide you with a Comparative Market Analysis for these specifics.
- It depends on the county, the city & the neighborhood for room for negotiations for the buyer. Your Realtor® can give you a breakdown of the areas that you are considering.
As of February of 2008 the Oahu Housing Market has slowed down 40% in NUMBER of sales.The Oahu Housing Market has increased in prices since last year BUT ARE NOW STABLE. The table below will show you an increase/decrease in sales and prices to give you a better idea of our market on our Island of Oahu in HONOLULU COUNTY. (These statistics DO NOT include new home sales)
MONTH, YEAR | SINGLE FAMILY / # | CONDO / # |
February 2008 | $599,000 / 163 | $335,000 / 321 |
January 2008 | $600,000 / 228 | $324,000 / 324 |
December 2007 | $610,000 / 240 | $320,000 / 353 |
November 2007 | $610,000 / 245 | $315,000 / 379 |
October 2007 | $655,000 / 265 | $322,500 / 423 |
September 2007 | $650,000 / 255 | $335,000 / 414 |
August 2007 | $650,000 / 381 | $325,000 / 495 |
July 2007 | $640,500 / 339 | $335,000 / 457 |
June 2007 | $685,000 / 338 | $334,000 / 547 |
May 2007 | $650,000 / 357 | $325,000 / 543 |
April 2007 | $665,000 / 342 | $325,000 / 527 |
March 2007 | $643,500 / 330 | $321,000 / 541 |
February 2007 | $614,500 / 272 | $320,000 / 402 |
Statistics: Year-to-Year | -2.5% / -40.1% | 4.7% / -20.1% |
Our inventory on OAHU is still modest due to fewer homes/condos being listed on the market. For this reason it gives us a positive outlook because the inventory has NOT ballooned as in previous post-boom periods.
Just keep in mind that this too is an overall picture of our market in Honolulu County. (Which is the island of Oahu) and neighborhoods differ as well. For example, the prices for homes/condos in Mililani are stable whereas the prices in Ewa Beach have decreased a little and have a higher inventory overall. The number of Short Sales in Ewa are high whereas there are very few in Mililani. Newer, Older, Sq. Ft., Land Area and so forth are also to be considered.
IT JUST DEPENDS.
More Statistics on Neighborhoods:
FYI: Honolulu Board of REALTORS® was established in 1922 and is one of the largest of 1,600 boards of REALTORS®. With over 6,000 members on our island alone the Honolulu Board of Realtors ® is the largest trade organization on Oahu. The above statistics are from the Honolulu Board of Realtors ® and are taken from our Multiple Listing Service site.
If you're Relocating to Hawaii (regardless if it's near future or just wanting to be proactive for the future) contact me for a Hawaii Relocation Packet or Military Relocation Hawaii Packet!
Celeste "Sally" Cheeseman, RA, e-PRO / Century 21 Liberty Homes, Mililani, Hawaii
*Across the Ocean to Paradise: Military Relocations Hawaii*
VA Loans & Hawaii Military Relocations: This Realtors® Process
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So true!!! NAR is NOT doing us any favors by spreading this. We have been in difficult times for a FEW YEARS NOW. Our sellers are understanding this is true and pricing correctly now. It is a great time to buy in MI, especially Ann Arbor! Phew. thank you for letting me get that off my chest. ;-)
I feel better now. Thanks.