“Real Estate News for Oahu” with August 2006 Statistics

Published September 2006 

Hawaii – Oahu  – Real Estate Update
Oahu Median sales PRICE for a single family home that closed in August was $635,000.  July was $660K, June $639K.  Bouncing around all year. One year ago (Aug 2005) the median was $625,000, so again, my bet is we “crossover” before end of the year on a month where our median is lower this year than last… but it hasn’t happened yet! Still a great time to buy or sell!!

NUMBER of single-family home sales: There were 351 homes CLOSED on Oahu in August compared to July’s 379, June’s 368, May’s 374.  Next month tells the tale: August 2005 there were 455 closings…

Condos sold in August had a median price of $305,000 compared to July’s $329K, June’s $310K, May’s $306K, April’s $296,400, and March’s $312K.  One year ago the median was $282K.  Still bouncing…

NUMBER of condo sales: There were 580 Oahu condos closed in August compared to 498 in July, 641 in June, May’s 605, April’s 584 and March’s 696. The peak high was 831 last August.

Other News to Note Now:
Pending Figures are reflecting the changing Market on a National basis:
http://tinyurl.com/zv9pk

Waikiki’s Trump Tower is coming in 2009, BUT to get a unit reserved, you need to contact us right away and be willing to put a refundable $20K deposit down by September 25th this year. If you want me to represent you, 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 AUGUST on Oahu, 655 newly listed homes were added to the inventory compared to 642 in July, 691 June, 688 May, and 590 in April. PRETTY CONSISTENT. Total Inventory is STILL climbing and at 1937 for homes. One year ago, that was 1060 (the climb began about April last year actually). Condos new on-market are 903 compared to 924 last month, 921-June, 987-May and 850 condos added in April. The previous cycle’s highest total condos for sale number I have is 1613 in May 2001. We’re 1000 over that previous with 2707 condos for sale in August… compared to last year’s 1097 in August. Wow.

If you are a BUYER, there is a LOT to choose from and at great interest rates! Time to shop and buy is NOW! It’s finally a great time to BUY!!!

Months of Remaining Inventory – Median REMAINED at 5.1 in houses and went up to 5.4 in condos. Last year same month we had only 2.5 in homes and 1.6 in condos. So, sellers, realize it will take over double/triple the time to sell…upper ranges those #’s are much higher. Over $1M in homes was MEDIAN 14.9 months to sell at the current sales rate. In condos over $500K the median time on market is 8.8 months.

Oahu’s Days on Market (DOM) – In July 2005 it took 21 days (median) to sell a home, this month it’s 49. In July 2005 it took 14 days to sell a condo, today it’s 42. So half sell faster and half take LONGER than that.

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

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
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