Hawaii Real Estate Blog

Oahu Numbers in May Similar to April

The home prices for single family homes on Oahu were down approximately 15% from the same month a year ago. It looks like the house prices have declined anywhere between 10% & 25% from a year ago depending what neighborhood you are looking at.

That is great news for buyers that have been waiting for prices to adjust and get something. Interested rates have come up a little bit from their lows, but are still are very low historically. Jim Cramer recently called the bottom for real estate. That is a pretty bold prediction. Not sure if we are there yet. One thing I do know is there are some great deals out there.

Feel free to contact us if you are interesting in finding out more about what is happening in Hawaii real estate market.

Oahu Market Update

Well there is some good and bad news to report. It all depends on whether you are a seller or a buyer. The good news tends to favor the buyers in the current market conditions. If you are a buyer you are able on average to purchase a home on Oahu for about 13% less than a year ago according to the sales stats for closings comparing April of 2008 to this year. With the fact that interest rates are at an all time low, it looks like a great time to buy a home here on Oahu.

We are seeing the activity pick up here on Oahu as far as offers and properties being put into escrow. These are all signs that the bottom may be near. Inventory has to shrink before prices can stabilize. It appears that is what may be happening.

There is some good news for sellers. It you have your property priced correctly with the recent increase in activity, you have a better chance of getting your home sold. I am hearing the same thing from real estate agents on the Big Island Hawaii, Kauai and Maui. Karen on Maui has informed me that investors are looking at Maui homes and condos again as investments. Russell on Kauai reports that they are looking for Kauai forecloseres or just a really good deal. He says there are plenty of them on Kauai at the moment.Looks like the confidence is definitely picking up and some buyers are starting to feel like this is a great time to get a piece of paradise.

Jim Cramer from Mad Money has been suggesting right now is a great time to start getting into real estate as an investment.

Here are some interesting numbers from April:
April of 2009 had approximately 184 SFR sell compared to 255 sell in April of 2008. The average sells price in 2008 was $731,361 compared to $640,000 in April of 2009. That is about a 13% decrease in price.

On average buyers have been able to pick up properties for 96% of list price for SFR and 95% of list price for condos.

Nobody can predict the exact bottom of the market, but with the decease in both the prices and interest rates it is definitely a good time to consider getting a piece of paradise.

Moving to Maui

Moving to Maui
Are you planning on moving to Maui? Maui locals will tell you “Maui no ka oi” … Maui is best. Although many people think of Maui as a vacation or holiday destination, there’s something magical about this place that drives people from all over the world to move here. There’s truly a fascinating blend of opposites throughout Maui; from the large, sandy beaches, to the city, to the farms, to the mountain tops rising into the sky. There are even lush, tropical rain forest areas and some of the best whale watching can be found here. Moving to Maui is like moving to a completely different world.

Plan Ahead
Making a plan is important when you’re moving to Hawaii. When do you plan to move? Typically speaking, September or October is prime time to make your move. Travel expenses are normally cheaper around these times of years and you may even get breaks on food when you’re eating out (restaurants often run specials around the slower times).

Maui Weather
Life on Maui will vary according to where you decide to live. Where do you plan to live? There are many communities to choose from which offer their own special benefits. No matter where you choose to live, at least you know the weather is almost always friendly and welcoming. During the winter, the average temperature in Maui is 71 degrees and during the summer it’s usually about 78 degrees. Don’t panic if you hear tsunami sirens sounding off on Mondays. Monday is the day that they test them to ensure they’ll work in the event of the rare storms. (more…)

Hawaii Housing Looking Better

Housing in Hawaii
If you’re moving to Hawaii or are thinking about buying a vacation property, you might want to take advantage of the current, low prices of housing in Hawaii. From island to island you’ll find that there are remarkable deals and that they continue to get better. However, we may be closing in on the end of this buyer’s paradise toward the end of 2009 and into next year. Although housing in Hawaii is still expensive compared to other states, it’s very low compared to previous Hawaii housing prices. Have a look at some of the examples below and I’m sure you’ll agree that right may be an opportune time to invest in housing in Hawaii especially with the historic low interest rates.

Hawai’I Kai Condominiums
Hawaii Kai is found at the very southeastern end of Oahu is one of the most highly priced areas for condominiums on the island. You can save a great deal by buying one now, though. The median price of a (more…)

February Oahu Real Estate Housing Stats

Below are some Oahu real estate stats for the month of February 2009.

On Oahu there were 126 SFR properties sold for an average of 91 days on the market. They sold on average 96% of list price. Average list price was $666,772 and the average sales price was $632,262. The average house size was 4 bedroom, 2.5 bath with 1,674 living SqFt and a lot size of 6,754.

For the same month the year before there were 142 SFR properties sold for an average of 77 days on the market. They sold on average 97% of list price as well. Island wide the average sales price was $770,535.

It appears that the average SFR sales price island wide for the same month has declined approximately 18%. Number of sales was down approximately 12% from 2008.

Search all Honolulu real estate on Jeff Manson’s Hawaii real estate search.

January Oahu Housing Information

Below are some Oahu real estate stats for the month of January 2009.

Island wide there were 116 SFR properties sold for an average of 95 days on the market. They sold on average 96% of list price. Average list price was $801,845 and the average sales price was $747,120. The average house size was 4 bedroom, 2.5 bath with 1,796 living SqFt and a lot size of 8,081.

The same month the year before there were 223 SFR properties sold for an average of 80 days on the market. They sold on average 96% of list price as well. Island wide the average sales price was $952,277.

It appears that the average SFR sales price island wide for the same month has declined approximately 22%. Number of sales was down approximately 48% from 2008.

The condo sales were down approximately 60% and the amount of Hawaii foreclosures continue to increase. With the interest rates at all time low there should be plenty of great buys for the bargain hunters.

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

Obamas Second Coming to Lanikai Kailua Hawaii

Way too much excitement for our little beachside community, Obama came back to Lanikai to golf Mid Pacific Country club again. He said” Needed to come back and redeem himself after how he shot last time he was here”. Maybe it was the red hat he was wearing or he is just feeling a little more comfortable in our town.

Obama greeting crowd

Obama knows how to work a crowd, that is for sure. Pretty nice guy

Todays Photos:

Justin gets a second hand shake with President Obama

Justins first Hand shake on Christmas Eve

Justin mentioned by local paper

Obama enjoying all the aloha

Grandma Ann got to shake his hand this time and also took the photos

Obama’s Christmas Eve Golf Vacation in Kailua

Everybody in our small town has been so excited with the news that president elect Obama and his family chose to spend their Christmas vacation here in Kailua.

Obama Approaching Gallery at Mid Pacific Country Club

On Christmas Eve our nanny Nina was bringing our kids home from the park and was overwhelmed by a motor cade transporting President elect Obama to nearby Mid Pacific Country Club.

Obama Wishing Local Lanikai Crowd a Merry Christmas

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.