Windward Oahu Real Estate Update

“Real Estate News for Windward Oahu” with December 2005 Statistics

Reporting January 2006

Hawaii – Oahu – Windward – Real Estate Update
Well, it’s been a great ride… what a wave we’ve surfed the last few years!  Oahu Median sales price for a single family home FELL to $610,000.  That’s a change from November’s $640,500 and the low since July this year… It is up from the December 2004 median of $495,000.
The # of sales of homes fell dramatically to only 315 homes sold in December compared to 366 in November & 412 the month before. That is officially a trend now. Same month last year sold 417, or about 100 more than this year. December is usually a good month, with February being the low… If you want to know what YOUR house is worth in today’s market, please e-mail us at: HomeValue@stott.com

“Real Estate News for Windward Oahu ” November 2005

Reporting December 2005

If you don’t read anything else, please at least click on this from us to you!
http://tinyurl.com/btstk

Extra Special Note: This Newsletter is being sent in my absence. I am in South America – Chile – rafting and hiking! So don’t hit reply!!! If you need anything, email my father-in-law, George, at Team@stott.com or call him at 808-254-1515.
I’m back December 16th to the office. Happy Holidays! Donna

Hawaii – Oahu – Windward – Real Estate Update
Oahu Median sales price for a single family home is $640,500. That’s a change from October’s $620,000 and up from the November 2004 median of $490,000. The # of sales of homes was 366 compared to 412 last month. Same month last year sold 375. If you want to know what YOUR house is worth in today’s market, please e-mail us at: Team@stott.com

"Real Estate News for Windward Oahu" for August 2005

Reporting September, 2005

Special Note: My apologies to those of you inadvertently dropped from this newsletter earlier this year. I am finding you as I can and adding you back on. Technical challenges! If you do NOT want to receive this monthly update, just hit reply and ask me to remove you. I do not share this list, so no worries there!

Hawaii – Oahu – Windward – Real Estate Update
The Stats! More records set monthly…
Oahu Median sales price for a single family home went to a record $625,000. This is a change from the July 2005 figure of $599,000 and up from the August 2004 median of $480,000. The # of sales of homes was a record for the year at 455. Same month last year sold 410. That 455 is second only to last July’s 467 homes in a month.

July 2005, Real Estate News for Windward Oahu

Reporting August 3, 2005

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Hawaii – Oahu – Windward – Real Estate Update
The July numbers are IN! The market is still strong and I believe still rising despite the numbers for June. Supply and demand is still way out of whack and until that adjusts or we start pricing everyone out of the market, we’re going to keep going up even though I think everyone at this point would like to see a little slower growth to even things out a bit. Interest rate increases will slow things down some as the Fed continues to raise the short term rates and most of us believe that eventually mortgage rates will follow.

Increase in Conveyance Tax

Real Estate Tax Update - Hold on to your wallets!

Mike Stott, was featured on KHON Channel 2 News at 5pm last Thursday.  He was speaking about the Governor signing into law the raise of the Conveyance Tax from .10 on every $100 of sales price to .20 if your sales price is $600K to $1M and over $1M is .30 per $100. In addition, if the property was not sold to a primary residence owner, there is an ADDITIONAL .05 added. That could mean up to a 1000% increase in dollars out of your pocket from just 7 years ago! (see example below)

And how do you prove what the Buyer is going to do with the purchase? I'm betting the escrow Companies collect the additional .05 on each sale and then you can try to fight to get it back.  That's a major flaw in the law in any case. The major Escrow Companies in town had their attorneys at the Governor's office yesterday trying to sort this out.

Breaking News!

Thought you'd want to read THIS! - Donna

HUD Chief: No National Housing Price Bubble
(June 6, 2005) --   There is no national housing bubble, U.S. Department of Housing and Urban Development Secretary Alphonso Jackson told real estate editors at their national conference in early June.
The official believes the strongest price gains are generally a coastal matter, noting that affordable housing is still available in the Midwest and the Southwest. He anticipates another five years or more of rising home prices in overheated markets.

So, ARE we "Boom to Bust"?

The Honolulu Star Bulletin ran a series of articles on the Real Estate market in Hawaii last week with the Title "Through the Roof".  One Article in particular had a very large headline on the front page of the print version of the paper titled "Boom to Bust" in very large print, followed in small print by "not inevitable". Quite sensational looking...got my attention as I drove by the newspaper box on the side of the road!