November 2008 Oahu Real Estate Statistics

November 2008 Oahu Real Estate Statistics

As we come to the close of another month, we find the news continues to be half empty or half full, depending on your perspective. While demand for housing was the lowest in ten years, the inventory of both single family homes and condominiums also went down. This resulted in a drop of the "monthly inventory remaining" from  9.8 months to 8.6 months in single family homes and from 8.7 months to 8.4 months in condominiums. From a "trend" point of view, this is a trend in the right direction.


The number of units sold on Oahu were 170 single family homes and 201 condominiums for decreases of 30.6% and 47% respectively as compared to a year ago. With such dramatic decreases in the number of sales, the marketplace continues to show tremendous resiliency with the median value of both single family and condominiums remaining amazingly strong as compared to last year November at -2.5% for single family and +.4% for condominiums. **

 

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"Although Oahu residential home sales declined substantially in November, our prices are still exhibiting much more stability than those for cities on the Mainland," said Dana Chandler, President of the Honolulu Board of REALTORS®. "Time will tell what the complete effects of the current economic conditions will be, but we're hopeful that the slowdown will be shallow and only of short-term duration here in the islands."

As prices remained fairly constant Island wide, the markets of Kapolei, Ko Olina and Makakilo seemed to be feeling more of a softening while the affordability of those homes has increased dramatically as a function of price and prevailing interest rates. Quotes for 30 year fixed rate conventional mortgages are now under 5% and FHA and VA rates are now in the low 5's. Short sales and foreclosures continue to play a large role in our market and for buyers who are capable of purchasing homes, there are some GREAT buys.

For the complete Monthly Statistical Report for November 2008, please click here .

As always, for your own personalized searches or information, please visit my real estate website and I'll do my best to answer any questions you might have.

** Source - Honolulu Board of REALTORS® Research Department, compiled from MLS data.