Our company's research department just came out with a report, recapping the 2006 Oahu real estate market. It reflects data from both, the condominium market as well as from the single family home market.
The data compiled onto charts gives a wealth of information from median sales price, days on market, average months of remaining inventory, sold-to-list price ratios and more.
To highlight the report, we've seen an increase of median home prices in all areas of Oahu for both, condos and for single family homes except for one area in East Oahu which had a 5% median price reduction in the single family homes market.
Overall, the Oahu single family home market saw a 6.8% price increase in 2006 from the previous year making the median price $630,000. Condominiums saw a price increase of 14.8% from the previous year making the median price $310,000.
While prices still rose at a slower but steady rate, the number of resales fell in both the single family and condominium sectors while still remaining at historical high levels. The numbers of resales fluctuated at different price points.
The median days on market graphs show that real estate listings here have increased from a low of 15 days on market in the mid-2005 to 62 days on market.
Overall, Hawaii's market remains strong and though we are seeing cooling in some parts of the market, I believe that it will remain healthy for sometime to come. We have a very unique market here in Hawaii. Besides 2nd home buyers, investors and retirees, Hawaii has one of the lowest unemployment rates in the country. With the strength of the economy, low interest rates and unique buyers, Hawaii's real estate market should remain steady for a while.
Please look through the attached reports for more information and let me know if you have any quesetions.
If you would like a copy of this report please let me know and I can email it to you. -Aloha