The Market DEPENDS on the Circumstances Doesn’t It?

Diamond Head
Diamond Head

The National News surely depicts an overall picture (so does NAR) of the housing market that is unrealistic.

Why? How can anyone believe that this nationwide report will be the same for every state, county, city and neighborhood? It is unrealistic to report that ‘nationwide’ it is a beautiful market to buy or sell just as it is unrealistic to report that ‘nationwide’ it is a bad time to buy or sell. It depends on a wide variety of points doesn’t it?

How about this?

  • Your Realtor ® will give you a clearer picture of the current market conditions in your specific area. Bad choice to have your loan officer, friends and family pretending they are the Realtor®. Might as well just watch the news right?
  • It depends on your circumstances if you are considering selling your home. Relocation to another state? Downsizing? Tragedy in the family?
  • It depends on your circumstances if you are considering buying a home. Relocation to Hawaii? Benefits of ownership vs. renting? Retiring? Downsizing?
  • It depends on the county, the city & the neighborhood for better market conditions to sell. Your Realtor ® will provide you with a Comparative Market Analysis for these specifics.
  • It depends on the county, the city & the neighborhood for room for negotiations for the buyer. Your Realtor® can give you a breakdown of the areas that you are considering.

 

As of February of 2008 the Oahu Housing Market has slowed down 40% in NUMBER of sales.The Oahu Housing Market has increased in prices since last year BUT ARE NOW STABLE. The table below will show you an increase/decrease in sales and prices to give you a better idea of our market on our Island of Oahu in HONOLULU COUNTY.  (These statistics DO NOT include new home sales)

 

 

MONTH, YEAR

SINGLE FAMILY / #

CONDO / #

  

February 2008

 

$599,000 / 163

 

$335,000 / 321

January 2008

$600,000 / 228

$324,000 / 324

December 2007

$610,000 / 240

$320,000 / 353

November 2007

$610,000 / 245

$315,000 / 379

October 2007

$655,000 / 265

$322,500 / 423

September 2007

$650,000 / 255

$335,000 / 414

August 2007

$650,000 / 381

$325,000 / 495

July 2007

$640,500 / 339

$335,000 / 457

June 2007

$685,000 / 338

$334,000 / 547

May  2007

$650,000 / 357

$325,000 / 543

April 2007

$665,000 / 342

$325,000 / 527

March 2007

$643,500 / 330

$321,000 / 541

February 2007

$614,500 / 272

$320,000 / 402

  

Statistics: Year-to-Year

  

-2.5% / -40.1%

  

4.7%  / -20.1%

Our inventory on OAHU is still modest due to fewer homes/condos being listed on the market.  For this reason it gives us a positive outlook because the inventory has NOT ballooned as in previous post-boom periods.

Just keep in mind that this too is an overall picture of our market in Honolulu County. (Which is the island of Oahu) and neighborhoods differ as well. For example, the prices for homes/condos in Mililani are stable whereas the prices in Ewa Beach have decreased a little and have a higher inventory overall. The number of Short Sales in Ewa are high whereas there are very few in Mililani. Newer, Older, Sq. Ft., Land Area and so forth are also to be considered.

                                                                                             IT JUST DEPENDS.

FYI:  Honolulu Board of REALTORS® was established in 1922 and is one of the largest of 1,600 boards of REALTORS®.  With over 6,000 members on our island alone the Honolulu Board of Realtors ® is the largest trade organization on Oahu. The above statistics are from the Honolulu Board of Realtors ® and are taken from our Multiple Listing Service site.

 

 

© 2008 Celeste “Sally” Cheeseman’s Hawaii Real Estate and Relocation Blog. All rights reserved.

 

 

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