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!
Oahu Condos sold in March had a median price of $312,000 compares to February’s $315,000. Condo market still strong and didn’t go down far from last month’s all time high. 696 condos closed last month compared to February’s 487. Still nowhere near the high of 831 last August. Number of condo sales this month 2005 were 677.
Oahu Total Inventory - In March on Oahu 632 new homes were listed, compared to 593 last month, and 1006 condos went on market compared to 904 last month. Total inventory continues to grow with 1642 houses on the market now, and condos were at 2248 end of March. So, 392 sold out of 1642. And 677 condos sold out of 2248… That compares with figures last year this same month of 847 homes and 1029 condos. See why prices when up last year? Over double the condos on market and almost double the homes.
Months of Remaining Inventory – Median is 6.6 months of remaining inventory in homes and 4.6 months in condos… This will have an effect on prices soon or later. For homes priced over $1M there are 12.7 months of and for condos over $500K it is taking 8.8 months to sell.
Oahu’s Days on Market also continues to rise… March was 44 for homes (rising each month since Oct) and 30 for condos… Note: June 2005 was our low (fastest selling) at 15 days on market for homes and 16 for condos.
Single Family Windward Homes Median Sold Price - Kailua/Waimanalo Year-to-Date median price is $780,000 compared to last year at $730,000. March was $780,000 (yes, same as YTD), compared to a year ago’s $842K! Yes, it’s LOWER this year. Kaneohe is $690,000 YTD compared to last year at $627,000. Windward Coast is YTD $720,000 compared to $504,000 last year.
Condos/Townhomes Windward Median Sold Price – For March in Kailua/Waimanalo the Year to Date median price was $412,000K compared to same month last year of $345,000K; Kaneohe was 377,000 compared to last year at $272,900 ; Windward Coast’s YTD median is $179,500 versus $216,300 in the prior year.
If you would like to see what’s on the market in ANY area, email us at: UpdateMe@stott.com
Windward Real Estate NEWS
Of course, the Big News all over the island is rain, flooding and damages. Have you checked all around your home? Your roof and ceilings? Check every room and make sure you are OK. Every roofer and handyman on the island is swamped with business… pun intended. Several Team members and staff were stranded Friday in various locations around the island. The heavens opened up and it was a sight to see. Thunder, lightning and in about an hour, up to 4 ft of flooded water on the roads! Landslides galore including one that ALMOST landed on Donna’s new Volvo!
Another New Restaurant - The word on the street is that upstairs from the new Pier One in Kailua (Opening Saturday April 8th!) is going to be California Pizza Kitchen! Can anyone verify that? I’m sure one of my readers knows for sure… is it YOU? We plan to have several open houses this month Windward… Watch for our signs, calls and ads! Prices from low $500’s to $1.385M… If you have questions on any of those homes, contact us at ListingManager@stott.com
So…What else has The Stott Team Ohana been up to?
The Kelley family vacationed in Waikiki this spring break and had a ball. Tim, Mark, Ashley, and even Tracey took surf lessons and stood up quite a few times on the surfboards. Let us know if you need a picture for proof. They highly recommend the Magic show and Circ de Hawaii; both kids and adults were amazed. Last month brought sad news…their pet chameleon passed on and they are contemplating what new pet to bring into the house. They also just sold one investment property and are buying a new one via a 1031 exchange with the company that provides locations to invest in. Ask us about it!
Mike and Donna spent most of March at various local Auctions! Sunshine School, LeJardin, and then the Kailua Chamber of Commerce to top off the month. See Windward People Section March 29, cover photo! They are off to a real estate training retreat in Nevada April 4-9th, back to work the 10th. They still are hoping to move into their remodeled bedroom/bath soon! It’s been quite a project. Will be nice when it’s finished!
George and Mary Lou are both doing great and enjoying their remodeled home where they will be hosting the entire clan on Easter! They continue to train and show their new (very large) puppy. He’s an adventure all by himself!
Case Study / Testimonial Letters
Dear Stott Team, We are truly thankful for all you did to help us sell our home. Your expert pricing strategy and staging of the home made all the difference and allowed us to sell in a month where few sales were occurring. And at a great price too! Expert marketing and professional closing staff too. Escrow went super smooth. We will definitely recommend you to our friends and neighbors here on Oahu. Great job!
Mr. and Mrs. B, Kailua home-owners
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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
Your blog is very informative, I have learned so much from it. It is like daily newspaper :). Added to fav’s.
Deirdre G
Posted by: real estate in Philippines | February 14, 2010 at 04:41 PM