We recently got our market update from the Honolulu Board of Realtors from the 3rd Quarter of 2008. After looking at the stats, what jumped out at me are two things:
1. Single Family Homes from $500,000 to $699,000 are selling! 34.5% of all homes sold fell in that category. This was the largest category/price bracket followed by homes in the $700,000 to $999,000 range at 24.7% of sales. Meanwhile, when you look at the inventory in that same price range it encompassed only 29.8% fell in the $500,000 to $699,000 range.
2. Single Family Homes over $1 Million counted for roughly 14.3% of sales in the 3rd quarter. Meanwhile, 28.3% of the homes on the market are over $1 Million!
What does this mean? Homes in the $500,000 to $699,000 are selling! This is no surprise in that our median sales price has been hovering in the $600,000 range for years... If you want your home sold, there's more likely it will sell in the price point. However, no matter what the price point, homes priced well will sell! Good news is if you're in the $1 million + bracket, there's A LOT to choose from :)