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.
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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
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