"Real Estate News for Oahu" with July 2006 Statistics

Published August 2006 

Hawaii – Oahu – Real Estate Update
Oahu Median sales PRICE for a single family home that closed in July 2006 was $660,000.  Compare to June’s $639,000, May’s $668,300 April’s $615K, March’s $650K. Bouncing back and forth, isn’t it?? One year ago the median was $599,000. Anyone want to make a bet on where the “crossover” occurs?

NUMBER of single-family home sales: There were 379 homes CLOSED in July compared to June’s 368, May’s 374, April’s 332 & March’s 392.  Next month tells the tale: August 2005 there were 455 closings…

Condos sold in JULY had a median price of $329,000 compared to June’s $310K, May’s $306K, April’s $296,400, and March’s $312K.  One year ago the median was $270K. I’m betting more than 4 months to “crossover” in condos.

NUMBER of condo sales: There were ONLY 498 condos closed in JULY compared to 641 in June, May’s 605, April’s 584 and March’s 696. The peak high was 831 last August.  Condo sales a year ago – 684.

Other News to Note Now:
For those of you that need a Hawaii school Calendar that includes all the schools, click here for the link to that info: http://165.248.6.166/data/calendars0607.asp

Good News Regarding Interest Rates: http://tinyurl.com/zva4u

Do you rent your property for less than 180 days?  Then you owe 7.25% TAT on the rent each month… Did you know that? Ask me for more info: Email: Donna@stott.com

Waikiki’s Trump Tower is coming in 2009, BUT to get a unit reserved, you need to contact me right away and be willing to put a refundable deposit down by September 25th this year. A meeting I attended this week had over 500 agents… each with several interested clients. More interest than units for sale! I have ALL the info, have been to the showroom and site, can get you the rather impressive extra large brochure and get you registered… If you are interested call or email me: Donna@stott.com

Oahu Total Inventory - In July on Oahu, 642 newly listed homes were added to the inventory compared to 691 June, 688 May, and 590 in April. Total Inventory is STILL climbing and at 1885 for homes, is the highest ever. One year ago, that was 958! Condos new on-market are 924 compared to 921-June, 987-May and 850 condos added in April. The previous cycle’s highest number I have a record for is 1613 in May 2001. We’re 1000 over that previous with 2634 condos for sale in July… compared to last year’s 1001, same month.

Months of Remaining Inventory – ALSO CLIMBING. Median is now at 5.1 in houses and 4.1 in condos. Last year same month we had only 2.2 in homes and 1.4 in condos. Over double/triple the time to sell…upper ranges those #’s are much higher. Over $1M in homes was 10.7 last month and up to 15.4 months of remaining inventory at the current sales rate. In condos over $500K last year meidan time was 3 months, today it’s 7.8 months of remaining inventory.

Oahu’s Days on Market (DOM) – In July 2005 it took 21 days (median)  to sell a home, this month it’s 43. In July 2005 it took 13 days to sell a condo, today it’s 38.

If you want the stats for any specific area, simply ask!  Email me at Donna@stott.com

What have the Stotts and Kelley’s been up to:
This month we celebrated George and Mary Lou’s 50th wedding anniversary with a trip to Vegas for a renewing of their vows… with Elvis.  All 3 kids and their spouses were in attendance and it was fantastic 4 days including the brand new Beatles Love show and Danny Gans! Many wonderful meals too and lots of fun for all of us.  Mike celebrated his 44th birthday while we were there as well!

If you are thinking of Buying OR Selling, there is no better time than NOW. The market is stabilizing with prices hovering in the $600’s and interest rates pretty stable now that the Fed has backed off…. More inventory to choose from and at good rates, you can’t beat it! Take advantage NOW by selling or buying today!  Email me at: Donna@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