We are in a vastly different real estate market this fall. The financial shakedown has hit Hawaii. Oahu home prices are in a cyclical downturn in all areas, yet the facts are not as drastic as elsewhere.
Sale Prices: Year-to-date sale prices as of October 1, 2008 have decreased 3.5% for single family homes (to $624,000) and show 0% change for condos ($325,000), compared to one year ago. A closer look at the details shows that September prices- when examined alone- were significantly lower than a year ago for houses (down 9%) and condos (down 11.6%).
Number of Sales: Total house sale numbers are down 26% and condo sales down 27%. Homes take longer to sell, but as always, the best-looking and best-priced ones sell.
Weird Facts: Honolulu metro house prices are statistically up 3.5% and Downtown-Nuuanu condo prices up 17.9%. This is likely to be a statistical fluke due to more luxury properties selling. Because of the lower number of sales, the data may be skewed depending on what sold. Most neighborhoods have less than 20 sales per month!