Once again, the real estate research department at Prudential Locations, here in Honolulu, Hawaii has just come out with a new market report. Prudential Locations repeatedly sets the standards here in Hawaii with their market graphs and data.
This recent report is an overview of the median prices for the high end, single-family homes for 2006.
Overall, the whole island has seen an average increase of 6.8% in the high end market. All regions seen an increase except for one area that seen a 5% decrease because of neighborhood fluctuations within that area.
The third paragraph of the report talks about what our experts anticipate in the real estate market here in Hawaii for 2007 . While the rate of increase slows in 2007 they still forecast a single-digit price increase for the high end single-family home market. Knowing how some of the markets are coming down across our nation, our report talks about how stable our long term market is here because of our very unique market.
The second market report shows days on market data and months of remaining inventory data. In the first graph, it shows the days on market for 2005 and 2006 in different price ranges. On the left side of the graph, the numbers represent "days on market" and labeled on the bottom of the graph is the different price ranges. From left to right, it's labeled as "<$500k", "$500-$999k", "$1.0-$1.9M", $2.0-$2.9M", "$3.0-$3.9M", "$4.0-$4.9M", "$5.0-$5.9M" and "$10M+".
The two bottom graphs represent key market indicators like "Months of Remaining Inventory" which really shows supply and demand.
Our real estate market here on Oahu, Hawaii is changing like everywhere else. These types of market data is essential to see the big picture of what is going on in the real estate market and is key in helping someone make better real estate decisions. I hope that this information will be of some help to you and I look forward to updating you with updates as they come in. - Aloha
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