The Hawaii Housing Market Depends on Circumstances

By
Real Estate Agent with Liberty Homes RS-#62825

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.

 

 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Celeste "Sally" Cheeseman is a Realtor-Associate 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

  

Posted by

                                                       

 

Celeste "Sally" Cheeseman  is a Realtor-Associate® and Certified Residential Specialist (CRS) 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 Relocations, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents, Home Buyers and Sellers.

 

 © 2007-2015 Celeste "Sally" Cheeseman's

Hawaii Real Estate and Relocation Blog.

All rights reserved.

     

 


 

 

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Ambassador
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Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Hi Suzanne!  It sure is local!  Thanks..hope you're doing well!

Kat; You're funny...you came back swinging all right! Good for you and glad you're doing well with your new life!

 

Mar 04, 2008 01:16 PM #20
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Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Marc: I know one thing...I deal with it with more facts...like my post :)  The fact of the matter is....it depends... :)

Kelly: The LO needs to just do his figures ...or else go get his RE licens lol!

Mar 04, 2008 01:18 PM #21
Ambassador
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Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
Carole: I just think we need better representation in the media sector....so our side will get out there so the consumers go to the right source. I mean....do they go to the kiddie park when they should be at the hospital? 
Mar 04, 2008 01:20 PM #22
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George Souto
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Sally what you wrote makes perfect sense, but unfortunately the media has people looking at things on a national scale.  People need to listen to their local Realtor, and turn off the TV set.
Mar 04, 2008 02:04 PM #23
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Well done, Sally. Many of us continue to talk about how the market is so local and looking even regionally can distort, one way or the other, what is actually going on. And it keeps changing as well. Making sweeping generalizations is rather risky, as we all know.  

Jeff 

Mar 04, 2008 02:58 PM #24
Rainmaker
595,381
Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate
Applause! Very nice post about your local market. I hope your clients appreciate these details.
Mar 04, 2008 03:47 PM #25
Rainer
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Audrey Hoffman
VoteAudrey blog - Columbia, SC
VoteAudrey

Sally,

What a responsible post, keeping it real, keeping it local, telling it like it is.

Love it!

Audrey 

Mar 04, 2008 04:44 PM #26
Rainer
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Dan Forbes
Bradenton, FL
Sally, Thanks for the nice market overview.
Mar 04, 2008 10:44 PM #27
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Margaret Woda
Long & Foster Real Estate, Inc. - Crofton, MD
Maryland Real Estate & Military Relocation

Sally, you are right on with this analysis!  Now, if only consumers would listen, really listen!

P.S. - I'm watching the Military Relocation contest for some of those awesome Hawaii relo posts you do,  

Mar 05, 2008 01:14 AM #28
Ambassador
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Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

George: Yup...and listen to their appropriate professional as well...(i.e. LO, Escrow etc.)

Jeff: Sure is....so why does the media and NAR keep doing it?

Mar 05, 2008 04:43 AM #29
Ambassador
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Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Lisa: I thought so too....it's good to give the public insight that not all they see and hear on tv etc. is fact.

Thanks Audrey!

 

Mar 05, 2008 04:44 AM #30
Ambassador
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Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Why thank you kind Dan!

Margaret: Been busy the last few days but not to worry....Been working on it....it will be a part 2 if not 3 series :)

Mar 05, 2008 04:45 AM #31
Rainer
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Pete C
TBA - Kailua, HI
Hawaii Mortgage Loan and Refinance
I like your "buttons" on the bottom of your blog!  How did you do that?
Mar 05, 2008 01:51 PM #32
Rainmaker
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Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services
Sally -- The new revisions to Article 12 of the Code of Ethics states that Realtors® must project a "true picture" of themselves in the advertising, marketing etc.  I am surprised that the current national commercial made it past Nar's legal team -- it certainly does not paint at "true picture" of the real estate market in many parts of the country.  What is up with that???
Mar 05, 2008 03:10 PM #33
Rainmaker
316,251
James Downing - Metro DC Houses Team REALTORS®, CRS, GRI, ABR,MRP, MilRes
Real Living | At Home - Washington, DC
When Looking to Buy or Sell - Make the Right Move
It is ALL ABOUT the LOCAL market!  Even different sides of town (or I suppose the Island) can vary greatly!
Mar 05, 2008 03:30 PM #34
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Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Hey Pete...you're cute. Copied and pasted from my website program :)

Joan: Beats me....all I can do is paint the TRUE picture in my own market just like the rest of you. Doesn't it just want you to go 'harumph"?

James: Yes it is!!! Neighborhoods, town, complexes and the like. Bottom line...a Realtor ® can and will give them the correct comps in whatever area.  

Mar 05, 2008 03:49 PM #35
Rainer
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Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate
Sally, this is so timely and spot on!  I was just thinking about writing something along these lines.  I'm so tired of broad brush generalizations about real estate.  It is hurting both buyers and sellers and even communities!  By the way, I hope you are doing well!
Mar 06, 2008 05:48 AM #36
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Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
Diane: Me too.....it finally got to me enough to write.... Read Jon Washburn's post with the You Tube NAR commercial.
Mar 06, 2008 06:15 AM #37
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Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Sally... we both agree on this, that every market is different. It is about local market and you would think NAR would understand this and stop with the national references.

jeff belonger
Mar 06, 2008 03:46 PM #38
Ambassador
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Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
Jeff: Because they chime in .,.....again, last night on national news they have an OVERALL foreclosure status of doom.....and that just is not the case all over the country....they need to get it right.
Mar 07, 2008 03:11 AM #39
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