“Real Estate News for Oahu” with April 2006 Statistics

Published May 2006

Hawaii – Oahu – Real Estate Update
Oahu Median sales price for a single family home that closed in April 2006 was $615,000.  Compare to February’s $613,500 and March’s record high of $650K. One year ago the median was $545K.

The # of sales of homes in April was 332.  Compare to March’s 392 homes.  One year ago that number was 418.  21% fewer sales this year.

Condos sold in April had a median price of $296,500 compared to March’s $312K and February’s $315K.  One year ago the median was $243K.

There were 584 condos closed in April compared to March’s 696 and February’s 487. Nowhere near the high of 831 last August.  Number of condo sales a year ago – 754 same month. 29% less sales. Ouch.

Oahu Total Inventory - In April on Oahu 590 new homes were listed, compared to 632 last month, and 850 condos went on market compared to 1006 last month. That is a good sign for stabilizing some. Total inventory remained very close to even for the first time in a long time with 1644 houses on the market now (1642 last month), and condos were at 2278 (2248 last month). That compares with figures last year this same month of 814 homes and 940 condos.  See why things are stabilizing? Double the inventory and sell sales!

Months of Remaining Inventory – Median is 4.2 months of remaining inventory in homes and 3.3 months in condos… This is better than last month with the fewer new listings taken making a huge difference there.  Again stabilization.

Oahu’s Days on Market stabilized a bit too… April houses came in at 42 compared to 44 last month and 32 for condos compared to 30 last month. A year ago it was 19 for houses and 22 for condos…

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

A real estate Joke if you need a laugh: http://stott.com/your_home.html

So…What else has The Stott Team Ohana been up to?
Donna and Mike continue remodeling. Wondering if it will ever be done… Ah, the joys of new plumbing. Ask about our new shower! They also attended a real estate training in LAKE LasVegas last month, has anyone else been there? Totally great! --- Tracey and Tim are in the process of trading a lower producing income property to a high producing one, increasing the return on their equity by a TON! They have several offers out now. Ask them about it! --- George and Mary Lou’s puppy Nubuk is  now a pesky (and very large) toddler… he survived the month despite his pesky antics of getting medicine out of a cabinet (for the other dog Coco) and eating it all… After a night at the vets, he’s doing fine. “Mom and Dad” barely survived the stress!  We also celebrated Admin Assistants Week with a party at Pinky’s for the staff. Lots of fun!

Case Study / Testimonial Letters
Mr. and Mrs. K owned several units here on Oahu. They were getting positive cash flow and had been happy with the investments, which had been building equity rapidly the last few years.  When we helped them calculate their return on their equity though, they were very surprised to see it had dropped to less than 4% return. By moving this equity to a couple of growing areas on the mainland, they were able to get over 10% return on their equity without any dollars out of pocket. In an area of rising prices, so the equity is growing again, rather than risk another downturn in the Hawaii real estate market. If you would like us to help you calculate YOUR return on equity, please email me at EquityReturn@stott.com

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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