“Real Estate News for Oahu” with March 2006 Statistics

Published April 2006

Hawaii – Oahu – Real Estate Update
Oahu Median sales price for a single family home that closed in MARCH was $650,000. ALL TIME RECORD HIGH.  Compare to February’s $613,500. This compares to March 2005’s median of $550,000. The # of sales of homes also jumped dramatically in March… to 392 homes.  377 sold in March one year ago.  Do I think these prices will last? Not based on the inventory rising, days on market and # of price reductions occurring. This may be the peak month for single-family home prices for a while. Note that these were sales made in January for the most part. I think we will see the coming months will bring some lower prices unless they are swayed by several new developments that sold up to a year ago finally closing escrow. We’ll have to wait and see!

Oahu Condos sold in March had a median price of $312,000 compares to February’s $315,000. Condo market still strong and didn’t go down far from last month’s all time high.  696 condos closed last month compared to February’s 487. Still nowhere near the high of 831 last August.  Number of condo sales this month 2005 were 677.

Oahu Total Inventory - In March on Oahu 632 new homes were listed, compared to 593 last month, and 1006 condos went on market compared to 904 last month. Total inventory continues to grow with 1642 houses on the market now, and condos were at 2248 end of March. So, 392 sold out of 1642. And 677 condos sold out of 2248…  That compares with figures last year this same month of 847 homes and 1029 condos.  See why prices when up last year? Over double the condos on market and almost double the homes.

Months of Remaining Inventory – Median is 6.6 months of remaining inventory in homes and 4.6 months in condos… This will have an effect on prices soon or later. For homes priced over $1M there are 12.7 months of and for condos over $500K it is taking 8.8 months to sell.

Oahu’s Days on Market also continues to rise… March was 44 for homes (rising each month since Oct) and 30 for condos…  Note: June 2005 was our low (fastest selling) at 15 days on market for homes and 16 for condos. 

If you would like to see what’s on the market in ANY area, email us at: UpdateMe@stott.com

So…What else has The Stott Team Ohana been up to?
The Kelley family vacationed in Waikiki this spring break and had a ball.  Tim, Mark, Ashley, and even Tracey took surf lessons and stood up quite a few times on the surfboards.  Let us know if you need a picture for proof.  They highly recommend the Magic show and Circ de Hawaii; both kids and adults were amazed. Last month brought sad news…their pet chameleon passed on and they are contemplating what new pet to bring into the house. They also just sold one investment property and are buying a new one via a 1031 exchange with the company that provides locations to invest in.  Ask us about it!
Mike and Donna spent most of March at various local Auctions! Sunshine School, LeJardin, and then the Kailua Chamber of Commerce to top off the month. See Windward People Section March 29, cover photo!  They are off to a real estate training retreat in Nevada April 4-9th, back to work the 10th.  They still are hoping to move into their remodeled bedroom/bath soon! It’s been quite a project. Will be nice when it’s finished!
George and Mary Lou are both doing great and enjoying their remodeled home where they will be hosting the entire clan on Easter! They continue to train and show their new (very large) puppy. He’s an adventure all by himself!

Case Study / Testimonial Letters
Dear Stott Team, We are truly thankful for all you did to help us sell our home. Your expert pricing strategy and staging of the home made all the difference and allowed us to sell in a month where few sales were occurring. And at a great price too! Expert marketing and professional closing staff too.  Escrow went super smooth. We will definitely recommend you to our friends and neighbors here on Oahu. Great job!
Mr. and Mrs. B, Kailua home-owners

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Donna Stott, R, CRS, e-Pro      The Stott Team
Team Coordinator                   254-1515 locally
DonnaStott@stott.com            Toll Free: 1-800-922-6811
http://www.stott.com