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
Oahu Condos finally fell to a median price of $295,000. This compares to the January 2005 figure of $224,000 but is lower than the last several months. 504 condos closed in December compared to 570, same month a year ago. So, finally staring to see some dips, even in the condo market… Again, timing is critical if you want to sell at the peak! If you want to know what YOUR condo is worth, e-mail: CondoValue@stott.com
Oahu Total Inventory - In January, 738 home listed compared to 441 last month and a whopping 1072 condos went on market compared to 730 last month. Total inventory now is at 1578 homes (stable with last month) but condos are at 2,125. This inventory hasn’t been this high since 1999 in homes and 2001 in condos… That’s a LONG time…. That compares with figures last year this same month of 961 homes and 1378 condos….How long will it take to sell off that inventory?? Read on…
NEW STAT: Months of Remaining Inventory - This statistic is rising each month. There is now FIVE (5) months of remaining inventory in homes and close to 4 months in condos…. For comparison, last year, the same month we had 2.3 in homes and 2 in condos…. For single family homes priced over $1M that # is over TWELVE (12) months now and for condos over $500K, it’s 6.7 months… What does that mean to you? Correct Pricing just became CRITICAL in selling your property in a timely manner. You do NOT want to be chasing the market down, you want to sell AT market today to get the most money. The Stott Team are experts in pricing your property correctly.
Oahu’s Days on Market (for those that sold!) for January was 40 for homes and 28 for condos… Note: June 2005 were 15 for homes and 16 for condos… The number is also rising monthly.
Single Family Windward Homes Median Sold Price - Kailua/Waimanalo for January was $790,000 compared to a median same-month last year of $730,000. Kaneohe was $687,500 compared to same-month last year of $573,000. Windward Coast was $724,500 this month compared to $487,000 last year.
Condos/Townhomes Windward Median Sold Price – For January in Kailua/Waimanalo the median price was $385,000 (a BIG drop from last month) compared to same month last year of $287,500; Kaneohe was $379,000 compared to last year at $258,800; Windward Coast’s median is $251K versus $235K in the prior year.
If you would like to see what’s on the market in ANY area, email us at: UpdateMe@stott.com ~We can set you up on an auto email, or one-time search. Let US help you keep on top of the CHANGING market…. Free, no obligation!
Windward Real Estate NEWS (IF YOU HAVE NEWS TO SHARE, LET ME KNOW!)
Pier 1 in downtown Kailua is looking closer to being completed! I’ll see if I can get some scoop on that. The big news this month is that Kaneohe Ranch sold the large block of low income rentals to Schuler. The plans are to build condos to sell (in 2008) rather than new affordable rentals, which I thought would be replacing these... 217 renters will need to find new homes by September. See the article: http://the.honoluluadvertiser.com/article/2006/Jan/20/bz/FP601200360.html
For a FREE full statistical report on EVERY NEIGHBORHOOD on Oahu, go to www.windwardupdate.com and look in the right panel. You will see a link under “Real Estate Resources”. Don’t forget to sign up while you’re there for easy information emailed FREE!
So…What else has The Stott Team Ohana been up to?
George and Mary Lou’s new puppy has grown into a star already! Nubuk won his a Blue Ribbon at his very first competition last month against other puppies under 1 year old. Donna and Mike’s remodel is hopefully finishing up this month… photos available if you want, let me know! David has his own place now in Seattle (mom just back from there) and Denise has moved to the UH dorms & is working at Spaghetti Factory. Down to 3 at home… Tracey just worked the Punahou carnival with her class this month (always an event) and Tim & Tracey both continue to shuffle the kids daily from swimming to soccer as well as perform outstanding real estate magic! It truly is a family company!
Case Study / Testimonial Letters
Mr & Mrs Lofton write: Thank you all so much for your hard work on the sale of our condo. We really appreciated being completely kept informed and your cheerful attitudes really made the difference. You were there for us through the tears about the decision to sell and the tenant issues. We really appreciated your caring professionalism.
Ms. Lindquist writes: I was constantly kept informed during my purchase… the Team approach is a good one! I would definitely refer you for the friendly and thorough services you provide!
Mahalo for reading our Windward 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!
Oahu Condos stayed at a $305,000 median price, 2nd month in a row. This compares to the December 2004 figure of $217,000. 545 condos closed in December compared to 583 same month a year ago. So, the condo market is holding on for now… If you want to know what YOUR condo is worth, e-mail: CondoValue@stott.com
For a FREE full statistical report on EVERY NEIGHBORHOOD on Oahu, go to the right panel of this page. You will see a link under “Real Estate Resources”. Don’t forget to sign up while you’re there for easy information emailed FREE!
Oahu Total Inventory - In December, 441 homes and 730 condos were listed for sale. Total inventory now is at 1542 homes and 1961 condos/townhomes listed for sale. That compares with figures last year this same month of 1046 homes and 1508 condos. And how long will it take to sell off that inventory… if no one else listed anything else? Read on….
NEW STAT: Months of Remaining Inventory - This statistic has hovered in the 2 month range for over 2.5 years… this month was a dramatic change. 4.2 months in houses and 3.2 in condos. For comparison in 2000 those numbers were around 5-6 months and in the mid ‘90’
Oahu’s Days on Market for December was 31 (double 6 months ago!) for homes and 23 for condos… Note: 2000 averaged 46 for houses and 52 for condos.
We will anxiously await January’s numbers due about February 2-3. If you would like to see what’s on the market in ANY area, email us at: UpdateMe@stott.com ~We can set you up on an auto email, or one-time search. Let US help you keep on top of the CHANGING market…. Free, no obligation!
Real Estate NEWS
Number One Story last month was Property Taxes. If you have not seen your new assessment, you can find it by going to: http://www.honolulupropertytax.com If you have seen it and want to know if it’s within the State’s 10% guidelines, let me know and I’ll be happy to run the numbers for you! Email me at TaxAssessment@stott.com If you want to appeal your assessment, I have a link to the forms, just ask. Cost to appeal is $25 and it must be done by January 17, 2006.
Front page news on the Changing (Dropping) Oahu Real Estate Market: http://tinyurl.com/7t5ax
I can’t tell you how many people in the mid 90’s said to us… if I’d only Cashed Out in 1991-92 I would have gotten SO MUCH more! Think about that….If you are thinking of Selling, the time is now! Get the equity while it’s still there…. email me at: Ready2CashOut@stott.com
So…What else has The Stott Team Ohana been up to?
My, my, my…. The rafting trip to Chile in December for Mike, Donna, Tim and Tracey turned into a mostly hiking trip with one incredible rafting ride that took our entire very large raft and 9 occupants sideways UNDERWATER and then surfaced upside down with the 9 of us going in different directions and surfacing only to go back under. It was… well, an adventure! Colder than we thought, the snow was beautiful! Turns out we were pretty close to the southern tip, so… if you want photos, let me know! Donna@stott.com
Case Study / Testimonial Letter
This month’s Case Study is Mr. K who owned several small Hawaii investment properties generating about $2000 per month in Positive Cash Flow. This worked well and afforded him a nice annual income. However, The Stott Team showed Mr. K that his equity could be earning him a lot more per month… The Stott Team helped Mr. K sell his units here using 1031 Exchanges (which we do dozens per year and are quite proficient at handling) and changed his cash flow situation to more than double his previous positive cash flow. With NO additional $ out of his pocket! Are YOU using your equity to it’s fullest income potential? Let us help you determine what your current return is and how we can help you double YOUR income! It could change your life! Email me at: WhatISmyReturn@stott.com
Mahalo for reading our Windward 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
http://www.stott.com
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