Windward Oahu Real Estate Update

“Real Estate News for Windward Oahu” with September 2006 Statistics

Published October 2006 

Hawaii – Oahu – Windward – Real Estate Update
Oahu Median sales PRICE for a single family home that closed in September was $620,000  Down a bit from August’s $635K. One year ago (September 2005) the median was $615,000. The month of “crossover” where our median is lower this year than last is coming soon.  If you are thinking of selling or buying, it’s a good time to do that!

NUMBER of single-family home that CLOSED ESCROW last month was 359 last month. HIGHER than the month before at 351… compared to July’s 379, June’s 368, May’s 374.  September 2005 there were 448 sales.

Condos sold in August had a median price of $320,000 compared to August’s $305K, July’s $329K, June’s $310K, May’s $306K. One year ago the median was $287K.  Still bouncing…

NUMBER of condo sales: There was a steep decline in the number of  Oahu condos closed in September at 481.  August had 580, compared to 498 in July, 641 in June, May’s 605.  Sept last year was 764 closed condo sales.

In Windward Oahu news… The wall is coming down “Busting of the Fence”… is October 6 at 11:30am at the entrance to Don Quijote! Go witness history!

News in The Stott Team…. Tracey Stott Kelley will take over writing this email each month and you can contact her at Tracey@stott.com  Donna and Mike Stott have taken fabulous jobs with a mainland real estate training company and leave the Team October 20th. Tim, Tracey, George and Mary Lou will take good care of all your real estate needs along with our wonderful Team Staff!

Other News to Note Now:
Pending Figures came back up again! Looks like Nationwide, we are stabilizing already!  Good news….
http://www.realtor.org/RMODaily.nsf/pages/News2006100201?OpenDocument

Waikiki’s Trump Tower is coming in 2009.  We have 19 registrations for clients buying units. If you want to get on the “wait list” for a unit email me right away at: Donna@stott.com

Oahu Total Inventory – September listed only 587 homes added to the inventory compared to 655 in August,  642 in July, 691 June, 688 May, and 590 in April. Still PRETTY CONSISTENT.  Total Inventory is STILL climbing and stands at 2005 for homes. One year ago, that was 1205.  Condos new on-market were also down at 813 from August’s 903, July-924, 921-June, 987-May. Every month is a new record and right now we have 2750 condos for sale in September… compared to last year’s 1296. Consitently more condos for sale since June of last year…since April for homes… and still growing.

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 again!

Months of Remaining Inventory –Median went up to 5.71 in houses and went down to 4.7 in condos. Last year same month we had only 2.6 in homes and 1.6 in condos. So, sellers, realize it will take double/triple the time to sell…upper ranges those #’s are much higher. Over $1M in homes was MEDIAN 11.9 months to sell at the current sales rate. In condos over $500K the median time on market is 8.3 months.

Oahu’s Days on Market (DOM) – In September 2005 it took 22 days (median) to sell a home, this month it’s 48. In September 2005 it took 16 days to sell a condo, today it’s 42. So half sell faster and half take LONGER than that. Plan well in advance if you want to sell this year or next…. It will take a lot of time and possibly many price reductions if it does not sell quickly.

Single Family Windward Homes Median Sold Price - Kailua/Waimanalo monthly median price in September was $800,000 compared to same month last year at $805K. Less than 1% difference this month… Kaneohe is $699K compared to last year same month of $660. Up 6%. Windward Coast YTD is $711,100K compared to $643K last year.  Up 10%. ---- Buyers- the time to buy is NOW!

Condos/Townhomes Windward Median Sold Price – In Kailua/Waimanalo the Year to Date median price was $420K compared to same month last year of $388,500; Kaneohe YTD was $379,500 compared to last year at $324,900K Windward Coast’s YTD median is $149,500 versus $178,500 in the prior year-to-date. (some of those remain unchanged from last month per the report).

If you want the stats for another area outside of Windward, simply ask!  Email me at UpdateMe@stott.com
If you are thinking of Buying OR Selling, there is no better time than NOW.

Mahalo for reading our Newsletter!
If you know someone else that should be getting this, let me know!
If you want to be removed,  just hit reply and tell me… I won’t send it if you don’t want it!
And… don’t forget!!  We know great agents EVERYWHERE! Contact us for a referral!
Feel free to forward this to others. Mahalo!

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

“Real Estate News for Windward Oahu” with August 2006 Statistics

Published September 2006

Hawaii – Oahu – Windward – Real Estate Update
Oahu Median sales PRICE for a single family home that closed in August was $635K- 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…

"Real Estate News for Windward Oahu" with July 2006 Statistics

Published August 2006

Hawaii – Oahu – Windward – 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.

“Real Estate News for Windward Oahu” with June 2006 Statistics

Published July 2006 

Please check out the Case Study at the bottom of the page – could make you $$$

Hawaii – Oahu – Windward – Real Estate Update
Oahu Median sales price for a single family home that closed in June 2006 was $639,000. Compare to May’s $668,300 April’s $615K, March’s $650K. One year ago the median was $593,300.

We are getting close to the month that will “cross over” - where this year’s median falls below last year’s. This is the beginning of the end of the up cycle. Also realize, those sales that closed in June were largely made in April. We may see some continued fluctuations but the trend is flattening or down. That said, you CAN still ride this wave and get your equity out before we “cross over” last year’s figures. Let us help you do that! We are studying the market every day and it’s still a good time to buy, so we CAN sell your property! If interest rates rise more (about 6.75% today compared to 5.5% a year ago) and that costs a buyer a LOT. (See Case Study below) --- Could be a large part of the reason we’re flattening.

"Real Estate News for Windward Oahu" with May Statistics

Published June 2006

Hawaii – Oahu – Windward – Real Estate Update
Oahu Median sales price for a single family home that closed in May 2006 was $668,300.  Compare to April’s $615K, March’s $650K. One year ago the median was $610K.  An economist we talked to recently said the median will go up for a while, even though the market is flattening and even dropping in the upper price ranges, due to rising prices in the lower end to come up to the median. In Kailua for example, prices dropped 6.5% first quarter of 2006 to first quarter 2005. So, homes priced in the lower half of the market may still be rising while the upper market is coming down.

The # of sales of homes in May was 374.  Compare to April’s 332 and March’s 392.  One year ago that number was 366, which was a low month last year.

Condos sold in May had a median price of $306,000 compared to April’s $296,400 and March’s $312K.  One year ago the median was $265K.

There were 605 condos closed in May compared to 584 in April and March’s 696. Nowhere near the high of 831 last August.  Number of condo sales a year ago – 692 in May 2005.

“Real Estate News for Windward Oahu” with April Statistics

Published May 2006

Short and Important, so read on....

Hawaii – Oahu – Windward – Real Estate Update
Oahu Median sales price for a single family home that closed in April 2006 was $615,000. Compare 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.

“Real Estate News for Windward Oahu” with March 2006 Statistics

Published April 2006

Hawaii – Oahu – Windward – 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!

"Real Estate News for Windward Oahu" with February 2006 Statistics

Published March 2006

Hawaii – Oahu – Windward – Real Estate Update
Oahu Median sales price for a single family home that closed in February was $613,500, slightly down from January’s $615,000. Inventory is growing dramatically (see below). It’s still a high median price compared to February 2005’s $525,500. The # of sales of homes was only 248 last month… 303 homes sold in January.

Oahu Condos median price of $315,000 compares to January’s $295K. Condo market still strong, especially Windward. See Days on market below…  487 condos closed last month compared to January’s 504. Numbers of sales keep dropping.

“Real Estate News for Windward Oahu” with January 2006 Statistics

Reporting February 2006

Hawaii – Oahu – Windward – Real Estate Update
Fifth month in a row of lower numbers of sales.  While Oahu Median sales price for a single family home took a hop up to $615,000 in January from $610,000 in December, it doesn’t mean much without the demand to hold it up.  Inventory is growing dramatically (see below). It’s still a high median price compared to January 2005’s $505K but I’m not impressed. It does show you have a bit of time though if you are thinking of selling. We’re at that peak but time may be running out. The # of sales of homes fell to 303 homes sold in January compared to 333 last year and 342 the year before and is the lowest sales month since Feb last year, which historically is a bad sales month. Anxious to see how Feb turns out THIS year… If you want to know what YOUR house is worth, please e-mail us at: HomeValue@stott.com

Quick Post for you:

Report by CNNMoney.com on what markets in the US are overvalued at this time and by how much. Honolulu shows 31% over but it’s not bad compared to some that show as much as 84% overpriced!!!
Worth your time to take a look: http://tinyurl.com/cdb9u

Donna Stott