My belief is that ALL housing markets differ and the circumstances are going to depend on the housing markets in each of the states & local cities; and right down to each neighborhood which will show a significant difference in number of sales and of course the sales prices too.
I also believe that it is up to everyone in the Real Estate Industry to keep the market moving. With our professional attitudes shining through in all communication and contact with our clients and peers and being thorough in our process through each and every transaction are just a few points to always be aware of.
How well we all perform will determine the level of service “they” will rate us as well.
The most important factor to consider regarding our housing market in the United States is that it is truly NOT a NATIONWIDE bunch of statistics to clump all in one percentage or sales price to air on the national news every night like it is the ‘written word’. Nope. I rely on what I SEE going on in each neighborhood of Honolulu County and the surrounding neighborhoods.
The big difference with the Housing Market in Hawaii is the fact that we have just so little buildable and usable land. Our land is valuable and there are areas that you will see a newer home in Central Oahu that has about 1500 sq. ft. interior on 3,000 sq. ft. of land. And you ask, “What is an approximate price for a home on such a small lot?” Upper $600,000’s ….easy. And what might a home like this be priced at when it is closer to the Honolulu city area? You’re looking at OLDER and HIGHER priced homes priced at about $700,000 up …in ‘good’ condition. One thing that I make sure and let my Hawaii Home Buying and Relocation clients know is: DO NOT EXPECT the same sq/ft interior and land area homes like you had back in the Continental United States.
There are a few neighborhoods on Oahu where they are experiencing a “slightly declining market” such as the Ewa. Diamond Head, Hawaii Kai, Waipahu and West Oahu areas. Even Central Oahu is fluctuating up and down. The whole housing market in Honolulu County has shifted to the point where I will let the Hawaii Home Buyer know that there is a little room for ‘negotiating’ for either a little reduction in price or closing costs credit from the seller to buyer. I let the Hawaii Home Seller know that THIS is how the market is NOW.
So…Is the Honolulu, Hawaii Housing Market Still Shifting? Look at the following statistics from the Honolulu Board of Realtors® and you decide:
Single Family: Median Sales Price
- 2003- $380,000
- 2004- $460,000
- 2005- $590,000
- 2006- $630,000
- 2007- $625,300
- 2008- $620,000 (first quarter)
Condos: Median Sales Price
- 2003- $175,000
- 2004- $180,000
- 2005- $269,000
- 2006- $310,000
- 2007- $320,000
- 2008- $330,000 (first quarter)
For those of you who believe that we make a difference for our Real Estate Industry then keep on striving to be the best you can be; ALWAYS support each other and work as a team and ALWAYS think in the best interests of your clients.
And if you need current and up to date information on statistics, a Hawaii Relocations packet or you just have questions please don’t hesitate to contact Celeste “Sally” Cheeseman, Realtor Associate ® , Century 21 Liberty Homes, Mililani, HI @ (808) 375-1404.
Alive in Honolulu County, Oahu, Hawaii!
© 2008 Celeste “Sally” Cheeseman’s Hawaii Real Estate and Relocation Blog. All rights reserved.