The latest report measuring market conditions in the Honolulu area has just been released as of Dec. 14, 2008. According to the Institute for Luxury Home Marketing (ILHM), "buyers market" conditions prevail around the nation. As expected, Honolulu shows more stability than the country as a whole. The Market Action Index (MAI) has risen, which indicates that the supply and demand are slightly balanced towards sellers, making Honolulu one of just four other metro areas that are still bucking the downward trend. Boston, Orlando, Salt Lake City, and San Francisco are also in this elite group.
Still, some indexes show a less than strong market. The days on market has gone from 80 to 120 since July. Lower sales numbers means that statistics can be skewed - for this reason it is crucial for Realtors to be familiar with the properties themselves.
Honolulu real estate prices in the luxury category were also analyzed by the Institute. These statistics show a slight price decline from a high of $1.22 million to the current $1.12 million, and stabilizing. This includes the island of Oahu, with neighborhoods featuring oceanfront estates, beach homes, gated communities, ocean view homes, and luxury condos.
Stephanie is a Certified Luxury Home Marketing Specialist and a member of the Million Dollar Guild.
*90 day rolling average price for homes identified by the LHMI as being among the 10 highest-priced zip codes.