January 8, 2009

OAHU Resale Stats December & all of 2008

OAHU real estate – Resale Statistics December 2008**
Resales statistics released by the Honolulu Board of REALTORS computerized Multiple Listing Service (MLS) system, the statistics are:

December 2008 Residential Resale Statistics for Oahu

Single Family Home Resale

December 2008 194 $ 626,500
November 2008 $ 594,500 up 5.4%
December 2007 240 dn 19.2% $ 610,000 up 2.7%

Condominium Resales

December 2008 243 $ 305,000
November 2008 $ 316,200 dn 3.5%
December 2007 353 dn 31.2% $ 320,000 dn 4.7%

December number of sales: 194 single-family homes – 294 condominiums was a decrease of 19.2 percent for single family homes and 31.2 percent for condominiums, compared to 2007 same month. 2008 total for single-family home sales were 2,741 and 3,933 for condominium sales was a decrease of 24.4 percent and 28.5 percent compared to 2007. Oahu median sales price in 2008 were $624,000 for single family homes and $325,000 for condos with a decrease of 3.0 percent for single family and no change in price for condominiums.

Oahu’s annual resale figures for 2008.
They are:
Annual 2008 Residential Resale Statistics for Oahu

Single Family Home Resales
Year / # Sales / Price
2008 2,741 $ 624,000
2007 3,627 dn 26.1% $ 643,500 dn 3.0%

Condominium Resales
Year / # Sales / Price
2008 3,933 $ 325,000
2007 5,499 $ 325,000

*Median price means half the prices were above and half below the given price.

GEOGRAPHIC AREA / SINGLE FAMILY HOME / CONDOMINIUMS
Honolulu real estate (Town) $ 722,500 $ 320,000
Diamond Head real estate $ 936,000 $ 437,500
Hawaii Kai real estate $ 850,000 $ 539,000
Kailua real estate $ 774,500 $ 415,000
Kaneohe real estate $ 663,800 $ 400,000
North Shore real estate $ 797,500 $ 360,500
Central Oahu real estate $ 580,000 $ 307,500
Leeward Coast real estate $ 380,000 $ 154,000
Ewa Plain real estate $ 465,000 $ 299,000
Makakilo real estate $ 560,000 $ 299,000
Waipahu real estate $ 550,000 $ 280,000
Pearl City real estate $ 627,300 $ 302,900

December 4, 2008

November Oahu Real Estate Stats

During November, sales of 170 single-family homes and 201 condominiums were reported through the Board’s MLS, decreases of 30.6 percent for single-family homes and 47 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 2,547 for the first eleven months of 2008, a decrease of 24.8 percent over the same time period one year ago. Total condominium sales through November were 3,690, a 28.3 percent decrease from last year. The median prices paid for island properties from January through November 2008 were $623,500 and $325,000, respectively, a decrease of 3.3 percent for single-family homes from the same time period in 2007 and no change for condominiums. The total dollar sales volume generated in the housing market for the first eleven months of this year was $3.447 billion, a decrease of 25.9 percent, or $1.203 billion, compared to the $4.650 billion produced one year ago.

October 23, 2008

Hawaii Foreclosures Rise 340 Percent

Up until the last few months Hawaii was in the bottom third of all states for the amount of foreclosures. Hawaii foreclosures rose a whopping 340% in September compared to the same time last year. They were up approximately 76% from last month and that was a huge increase as well compared to last year same time period.

I guess the economists from Bank of Hawaii and the presidents from the larger real estate firms here on the island of Oahu were wrong again. They were saying 2 years ago that the Hawaii real estate market would not be affected and would just level off. They were even saying that just a few months ago as well. Lets be real, the Hawaii real estate market is going to adjust downward just like any other market and has been doing so for the past 2 years.

Hawaii real estate is a lot more affordable compared to two years ago. If you are buying for long term it may not be a bad time to buy because you can not predict the exact bottom of the market. If you are buying and planning on selling in the next three years, I would suggest holding off a bit to see what the market is going to do. Now with all that said, there are some great deals if you are patient and you do your home. The rise in Hawaii foreclosures creates prices to soften and great buying opportunities. Not just foreclosures either, it forces the really motivated sellers to compete and lower their prices as well.

Feel free to contact me and myself or one of my partners can help you locate a property that makes sense for you.

April 16, 2008

Oahu Hawaii March Market Statistics

In the month of March there were 282 single family homes that sold and 392 condos according to the Honolulu Board of Realtors MLS. That was a decrease of 14.5% for the number of single family homes sold compared to the same month last year and a 27.5 % decrease for condos for the same comparison. There were 673 single family sales for the first ¼ of 2008, representing a 22.2% decrease compared to a year ago. There were 1,037 condo sales for the first ¼ of 2008, representing a 23.8% decrease compared to a year ago.

The median single family home sale price was $628,000 a decease of 2.4%. The median condo sales price was $329,300, an increase of 2.4%. The actual sales prices do not seem to being affected as the number of home sale so far.

January 16, 2008

Big Island Real Estate Market Update

The Big Island of Hawaii has seen the sales volume in the residential market decrease over the past year since the peak in 2006. Causing great buying opportunities Islandwide.

Big Island MLS Sales Statistics – Sales Volume
LOCATION PROPERTY TYPE 2006 2007 % INCREASE/

ENTIRE Residential $1,133,249,353 $958,910,123 <15.38%>
PUNA Residential $188,820,314 $148,329,901 <21.44%>
SOUTH HILO Residential $138,404,155 $93,513,499 <32.43%>
NORTH HILO Residential $6,911,888 $7,621,601 10.27%
HAMAKUA Residential $20,445,739 $16,318,740 <20.19%>
NORTH KOHALA Residential $40,845,000 $33,255,990 <18.58%>
SOUTH KOHALA Residential $263,634,942 $249,687,574 <5.29%>
NORTH KONA Residential $389,642,415 $346,580,401 <11.05%>
SOUTH KONA Residential $45,673,450 $35,393,014 <22.51%>

If you are interested in Big Island real estate in Hawaii you can contact American Dream Realty for all your buying needs.

January 7, 2008

December Housing Stats

Hawaii real estate on Oahu during December, sales of 240 single-family homes and 353 condominiums were reported through the Board’s MLS, decreases of 30.6 percent for single family homes and 22.9 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 3,627 for 2007, a decrease of 10.2 percent over the same time period one year ago. Total condominium sales for all of 2007 were 5,499, a 13.8 percent decrease from last year. The full year median prices paid for Oahu properties were $643,500 and $325,000, respectively, increases of 2.1 percent and 4.8 percent over the 2006 prices of $630,000 and $310,000. The total dollar sales volume generated in the housing market for all of 2007 was $4.977 billion, a decrease of 8.9 percent, or $488 million, compared to the $5.465 billion produced one year ago.

There is a 0.6% decrease in Single Family Homes Median Sales Price from last year, while a 1.4% increase in Condominium Median Sales Price in December 2007 compared to the same month last year.

There is a 30.6% decrease in Single Family Homes Sales Volume from last year, and a 22.9% decrease in Condominium Sales Volume in December 2007 compared to the same month last year.
“Even though the number of sales have declined in the last few months of 2007, we are coming off of such record highs that we are still at the levels we attained during the last peak cycle between 1988 and 1991,” said Berton Hamamoto, President of the Honolulu Board of REALTORS®. “The Honolulu real estate market has faired well this year in comparison to many Mainland cities. We showed modest gains of 2.1 percent and 4.8 percent for single-family and condo sale prices, as opposed to negative numbers for several U.S. cities.”

“Housing resales during December were low but this was not unexpected,” added Harvey Shapiro, Research Economist at the Board of REALTORS®. “The economy in Hawaii has been maintaining its strength although there are some indications of a coming slowdown.” cityneighborhoodinfo.com has relocation and property information accross the united states. Source: The Honolulu Board of REALTORS®

December 22, 2007

Oahu Hawaii Real Estate Market Update

The Hawaii real estate market on Oahu continues to slow down. The third quarter of 2007 for single family home sales compared to the third quarter of 2006 for the number of homes sold is down by 10.5%. The same time period median home sales prices we are down 2.3%.

The third quarter of 2007 for condo re-sales compared to the third quarter of 2006 for the number of condos sold is down by 12.4%. The same time period median condo sales prices we are down 4.8%. (more…)

September 3, 2007

Hawaii Resort Real Estate Market

The Hawaii real estate market is a mixed bag these days. The inventory continues to grow which is great for buyers. Two years ago buyers were hard pressed to get an offer accepted on a property. It seemed there were always multiple offers and the price of the home values were bid up above the asking price. Well over the last year or so the real estate market has slowed down and is making an adjustment. Most prices on all islands have been adjusting down making the homes here in Hawaii more affordable. last month Pacifc Business News reported that Hawaii’s resort real estate market seen prices soar by almost 24 percent in the last year. That was driven by the fact the number of single family resort homes selling over 2 million.

July 3, 2007

June Oahu Real Estate Update

During June, sales of 338 single-family homes and 547 condominiums were reported through the Board’s MLS, decreases of 8.2 percent for single-family homes and 14.7 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 1,902 for the first six months of 2007, a decrease of 5.7 percent over the same time period one year ago. Total condominium sales were 2,978, a 15.3 percent decrease from last year. The year-to-date median prices paid for Oahu properties in the first six months this year were $645,000 and $325,000, respectively, increases of 2.4 percent and 5.7 percent over the 2006 prices of $630,000 and $307,500. The total dollar sales volume generated in the housing market for the first six months of the year was $2.642 billion, a decrease of 5.9 percent, or $167 million, compared to the $2.809 billion produced one year ago.

There is a 8.2 decrease in Single Family Homes Sales Volume from last year; and, a 14.7% decrease in Condominium Sales Volume in June 2007 compared to the same month last year.

“The Oahu housing market achieved new records in June with the median price paid for a single-family home at $685,000, exceeding the previous record of $668,300 in May 2006, and condominium prices at $334,000, surpassing the prior peak of $329,000 set last July,” said Berton Hamamoto, President of the Honolulu Board of REALTORS®. “Although the number of sales has diminished from their peak in 2005, the market is still very active and maintaining a healthy equilibrium with adequate supply and strong demand.”
“Oahu, Hawaii residential markets have been pushing the price envelope in recent years, including this June,” added Harvey Shapiro, Research Economist at the Board of REALTORS®. “Of the seventeen single-family home neighborhoods tracked for research purposes by the Board, home values and sales of over $1 million occurred in ten or more of them every month since last year. Last month, there were even three neighborhoods registering sales of more than $3.8 million. These high-end sales confirm the opinion held by many REALTORS® that there continues to be substantial demand for our properties and that prices most likely will not be adjusting downward anytime soon, if at all.”

*Source: The Honolulu Board of REALTORS®

April 21, 2007

Oahu Real Estate Prices

During the first quarter, the number of sales declined from last year and the median prices (home values) were stable. It looks like we are in a more normal market compared to a couple years ago, when it seemed like the wild west. Multiple offers and buyers paying over appraisal. It is kind of nice that things have calmed down a bit and buyers have a little more time to make a sound decision.

Below are the median sales prices broken down by area on the island of Oahu.

Single family homes:
Metro Oahu (Town) $ 689,500, Diamond Head $990,000, Hawaii Kai $838,000,
Kailua $800,000, Kaneohe $672,000, North Shore $800,000, Central Oahu Mililani $550,000, Leeward Coast $375,000, Ewa Plain $525,000, Makakilo $566,500,
Waipahu $577,300 & Pearl City $575,000.

Condominiums:
Metro Oahu (Town) $325,000, Diamond Head $472,500, Hawaii Kai $542,500, Kailua $415,000, Kaneohe $357,500, North Shore $360,000, Central Oahu $300,000, Leeward Coast $173,000, Ewa Plain $285,000, Makakilo $320,000, Waipahu $299,500 & Pearl City $305,000.

Oahu real estate still seems to be a sound long term investment. You can search for Oahu real estate online on Jeff Manson website www.adrhi.com for the newest opportunities