Hawaii Homes Market Report
Honolulu County Real Estate Home Sales- February 2010
As the saying goes...the only thing constant in this world is CHANGE. The same goes for our Honolulu County Housing Market Statistics for February 2010 which showed yet again the continued up and down numbers in sales numbers and sales prices from month to month...and year to year!
Single Family Resale Numbers: Our sales numbers for single family homes showed a decrease in sold single family homes of 3.1% from 162 to 157. The Median Sales price also had a decline from one month to the next of $597,000 in January 2010 to $570,000 in February 2010. These statistic do show and increase of 21.7% in sales numbers from February 2009 to 2010 and also shows an increase of 3.6%% from February 2009 to 2010 in sales prices. A better year?
* Median sales price mean that half of the prices were above and half were below the given price
Condo/Townhouse Resale Numbers: Our Honolulu Real Estate Housing Market sales numbers for condos/townhouses increased slightly1.7% from 227 in January to 231 in February of 2010 and we can attribute the sales number increase for the past couple of months due to the lowering inventory on the island of Oahu. Honolulu County Median sales prices decrease slightly 0.33% from $299,000 to $298,000. Overall, for the past year the sales number rose 44.4% from 160 to 237 from February 2009 to February 2010 and sales prices rose slightly at .33% for the same time period.
I believe these shifts in the market will continue as our market tries to find a happy median. With the FIRST TIME HOMEBUYER TAX CREDIT and interest rates still a bit low and inventory considerable down in all neighborhoods the shifting is evident with more homebuyers in the market fighting over homes. So, keep in mind that with this lower inventory on the island of Oahu it has become a seller's market with multiple offers on homes and everyone trying to get a piece of that Hawaii Dream Home pie.
Stay tuned for more neighborhood market statistics or contact me at sally@hawaiihomesmarket.com for more information!
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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs, she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents.
Website: www.hawaiihomesmarket.com
Your remarks on your area are mirrored in my secondary home marketplace, too, in the entry level price category (low inventory, mulitple offers). Higher end remains "sluggish", although prices do seem to be creeping upwards.
wow - talk about 'hot off the press', you sure have this report out in a timely fashion! good for you, Sally!!!
Sally, I don't remember when the tax credit ends but it's something people are very aware of....and everyone does want to own just a piece of that beautiful place you are fortunate enough to call home.
Sally I never like to see figures go down, but that was not much of a change from one month to the other. On the other hand it was nice to see them go up from the year before.
It is difficult to offer an educated guess as to what is going to happening during the next few months, with fewer houses being sold and at a lower price but condos increasing ... condos seem to be the chosen "home" to invest in...
Sally - seems like similar trends have been reported elsewhere. the change is pretty small - wonder if it would be similar if you compared avergaes as opposed to the media. I find that the median can be rather distorted adn not tell a good picture of what is really going on. My opinion.
I love the graphics that you use. - visually appealing and grabs your attention.
Jeff
Jeff: Doing a whole county report will always be distorted unless we do a detailed report (like I'll do for Mililani tomorrow) ...and even then....doing a market report is nothing like doing a CMA with proper sq/ft, yr blt, land area and so forth. Neighborhood to neighborhood will make all the difference in the world. :)
Hi Sally - I love your market reports. They are informative, but never boring, and something to look forward to. I'll have to figure out how to put photos behind my charts/graphs. Makes a big difference.
My town - Fair Oaks - is difficult to analyze because it is mostly custom homes of all sizes and shapes, and one month might be a slow month but a $2,000,000+ home sold, while another month there was a lot of activity but in the small, lower priced homes. It takes several graphs and some explanation when you see a month that doesn't seem to follow a trend. I suppose your area may be like that too.