Median sale prices of previously owned single-family homes and condominiums each dropped about 10 percent in September, according to the latest data from the Honolulu Board of Realtors.The median single-family home price fell 9.2 percent to $590,000 last month from $650,000 a year earlier. The median price has not been below $590,000 since April 2005. The median condo price fell 11.6 percent to $296,000 last month from $335,000 a year earlier. The last time the condo median price was below $300,000 was April 2006.

The median time homes spent on the market before selling was 55 days for single-family homes and 51 days for condos. That is up compared to last month where single family homes spent 46 and condos 48 days, respectively.

Inventory levels are higher than the same time last year for single family homes and condominiums presenting a larger selection of properties for buyers.  As of September 30, 2008 there are 2,069 single family homes available compared to 1,936 last September. Condo inventory levels as of September 30, 2008 are 2,649 compared to 2,426 at this same time last year.

At Coldwell Banker Pacific Properties our mission is to provide you with a real estate experience that surpasses your expectations. We are Oahu's #1 Real Estate Company and our team of experienced sales associates will deliver the results you're looking for.

September Oahu Real state Update

Aloha,

As our summer comes to an end we have seen a relatively stable real estate market compared to other markets on the mainland. Since January of 2008 we have seen a significant slow down in unit sales but our median sales price for both single family homes and condominiums has remained relatively stable. If you’re in the market to buy or sell a property, partnering with a Coldwell Banker Pacific Properties real estate professional ensures you have the best resources available to make real estate decisions that fit your home and financial goals. They have extensive market knowledge, strong negotiation & pricing skills, proven marketing programs and offer a network of 500 professionals working together with you to realize your real estate dreams.

At Coldwell Banker Pcaific Properties our sales professionals have a wealth of information available to share with you about the market and specific neighborhoods that you may be interested in. Our goal is to help you make smart decisions and achieve your real estate dreams. In the meantime, we are pleased to share a snapshot of the Oahu real estate market, as of August 31, 2008

Monthly Year-to-date Resale Activity by Neighborhood Groups as of August 31, 2008

The median price for an existing single-family home fell 2.3 percent to $635,000 last month, from August 2007's median price of $650,000. The number of single-family home sales fell 33.1% last month to 255, from 381 in August 2007. The condominium market continued to hold its value during the month. The median price for a single-family condo increased 0.9 percent to $328,000 from August 2007's $325,000. Much like single family homes the number of condo sales fell sharply in August, dropping 30.3% to 345, from the year-earlier's 495.





Median Number of Days on the Market as of August 31, 2008
As of August 31st the median time homes spent on the market before selling was 46 days for single-family homes and 48 days for condos. That compared with 44 and 38 days, respectively, a year ago.


Inventory of Active Residential Listings as of August 31, 2008

Inventory, was up only modestly last month to 2,119 for single-family homes from 2,087 just last month. Condo inventory dropped this month to 2,743 from 2,753 in July 2008. Both single family homes and condominium inventories have increased from this same time period last year.


At Coldwell Banker Pacific Properties our mission is to provide you with a real estate experience that surpasses your expectations. We are Oahu's #1 Real Estate Company and our team of experienced sales associates will deliver the results you're looking for.

Aloha,

With property inventory levels rising in today’s market, buyers have more choices when looking for their dream home. Interest rates are favorable placing qualified buyers into the market place. With so many choices you must have a solid listing and pricing strategy in place to ensure your property "Stands Out in the Crowd". At Coldwell Banker Pacific Properties our team of real estate professionals have the marketing tools and expertise to ensure your property gets in front of qualified potential buyers. If you are considering a change in your home situation contact one of our sales associates to assist you with your real estate needs.

Our sales associates have a wealth of information available to share with you about the market and specific neighborhoods that you may be interested in. At Coldwell Banker our goal is to help you make smart decisions and achieve your real estate dreams in 2008. In the meantime, we are pleased to share a snapshot of the Oahu real estate market, as of July 31, 2008.

Monthly Year-to-date Resales Activity by Neighborhood Groups as of July 31, 2008

Median condo price was down 1.5 percent to $329,900 from $335,000 a year earlier. That was the second decrease this year after a 1.9 percent decline in June. But for the first seven months of the year, the median condo price is still up 1.5 percent from the same period last year. The main factor putting downward pressure on O'ahu home prices has been the slowdown in the number of sales, which for single-family homes has grown to a 25.7 percent drop this year through July. Last month, there were 251 single-family home sales, down 26 percent from 339 in the same month last year.

We all have seen and read about the dramatic real estate price declines taking place in several mainland markets over the last few months. Fortunately, Oahu’s real estate market appears to be healthy and unaffected due to the state's economy, positive income growth and relatively low unemployment rate. If you are considering the purchase or selling of a home, this can be a great time for you to make a move. Interest rates continue to be very favorable providing multiple financing options to suit your real estate needs.

I have a wealth of information available to share with you about the market and specific neighborhoods that you may be interested in. My goal is to help you make smart decisions and achieve your real estate dreams in 2008. In the meantime, I’m pleased to share a snapshot of the Oahu real estate market, as of March 31, 2008.

Year-to-date Median Sales Price as of March 31, 2008
 
For the first three months of the year, the median price was unchanged at $620,000 compared with the first three months of last year. The number of sales was down 14.5 percent to 282 last month from 330 a year earlier. Condo sales were down 27.5 percent to 392 from 541 in the same comparable period. The median condo sale price was $329,300 last month, up 2.6 percent from $321,000 a year earlier. For the first three months of the year, the median condo price is up 3.1 percent to $330,000 from $320,000.

Median Number of Days on the Market as of March 31, 2008
 
The time it took for homes on the market to sell declined last month. Single-family homes spent 47 days on average before selling, down from 59 in February 2008. Condos spent 39 days on the market before selling, down from 50 days in February.

Inventory of Active Residential Listings as of March 31 , 2008

Last month there were 1,919 single-family homes listed for sale, which was five fewer than there were in February but up from 1,876 in January. In March 2007 there were 1,714 homes for sale. Condo inventory last month was 2,581, up from 2,476 in February 08. In March 2007 there were 2,238 condos for sale. 

At Coldwell Banker Pacific Properties our mission is to provide you with a real estate experience that surpasses your expectations. We are Oahu's #1 Real Estate Company and our team of experienced sales associates will deliver the results you're looking for.

For more information, call Leilani @ Team Leilani @ 808-382-3000

March 2008 Real Estate Update

Aloha,

I have great news to share with you about Oahu’s real estate market! As of February 29, 2008 the median sales price for a single family home is $599,000; we have not seen this median sales price in Hawaii since July of 2005. If you are considering the purchase of a home, this can be a great time for you to make a move. Interest rates continue to be very favorable, providing affordable financing options. Yes, it’s now officially a “Buyers Market” so if you have been reluctant to make a move, let’s talk. I can help you put the pieces together. As a Coldwell Banker Pacific Properties real estate professional, I have the market expertise, negotiating skills and a network of 500 sales professionals to help ensure your real estate transaction is not a puzzling experience. If you are considering a change in your home situation, give me a call and I can assist you with your real estate needs.

I have a wealth of information available to share with you about the market and specific neighborhoods that you may be interested in. My goal is to help you make smart decisions and achieve your real estate dreams in 2008. In the meantime, I’m pleased to share a snapshot of the Oahu real estate market, as of February 29, 2008.

Year-to-date Median Sales Price as of February 29, 2008
 
Sales have been relatively slow and we attribute this to consumer confidence about the real estate market here in Hawaii. The year-to-date median sales price for a single family home dropped 1.6% to $600,000 and condominiums saw a 3.1% increase to $330,000. While overall unit sales were down 26.9% from the prior year. Metro Oahu saw a 9.4% increase in the Y-T-D single family home median sales price, while East Oahu saw an 11.2% increase for condominiums.

Median Number of Days on the Market as of February 29, 2008
 
Homes sold in February spent a median 59 days on the market before selling, down from 61 days in January. Condos that sold in February spent a median 50 days on the market before selling, up from 42 days in January.

Inventory of Active Residential Listings as of February 29, 2008
 
As you can see from the chart below, active listings remained at a modest level for single family homes and condominiums. There were 1,924 homes on the market last month compared to 1,717 a year earlier. The active listing inventory for condos increased slightly to 2,476 compared to 2,294 a year ago.

At Coldwell Banker Pacific Properties our mission is to provide you with a real estate experience that surpasses your expectations. We are Oahu's #1 Real Estate Company and our team of experienced sales associates will deliver the results you're looking for.

For more information, call Leilani @ Team Leilani @ 808-382-3000

I have a wealth of information available to share with you about the market and specific neighborhoods that you may be interested in. My goal is to help you make smart decisions and achieve your real estate dreams in 2008. In the meantime, I’m pleased to share a snapshot of the Oahu real estate market, as of January 31, 2008.

Year-to-date Median Sales Price as of January 31, 2008

The year-to-date median sales price for single family homes and condominiums compared to this time last year is unchanged. As you can see from the table below, the median price for a single family home is $600,000; we have not seen this median sales price since January of 2007, while overall unit sales were down 13.3% from the prior year. The condominium median sales price increased 1.3% to $324,000 with overall unit sales decreasing 22.5% from this time last year.

At Coldwell Banker Pacific Properties our mission is to provide you with a real estate experience that surpasses your expectations. We are Oahu's #1 Real Estate Company and our team of experienced sales associates will deliver the results you're looking for.

For more information, call Leilani @ Team Leilani @ 808-382-3000

May Update

By Andrew Gomes
Advertiser Staff Writer 

Get ready for more record-breaking months ahead for home prices.

O'ahu's median single-family home price hit a new peak of $668,300 in May, adding validation to local economists' predictions at the start of the year that median home prices would rise between 5 percent and 20 percent over last year.

Five months into 2006, that forecast — to the disbelief of many casual observers — is on the mark.

The median sale price of single-family homes bought from January through May is up 15 percent over the same five months a year earlier, according to the Honolulu Board of Realtors.
"The only question in my mind is whether O'ahu's median price will exceed $700,000 this year or next," said Paul Brewbaker, chief economist at Bank of Hawaii.

While prices continued to rise, sales were down 6 percent in the first five months of this year, and home inventory has more than doubled and interest rates are rising slowly.

"We've been expecting the sales to slow and the price growth to slow, and that's what we're seeing," said Carl Bonham, executive director of the University of Hawai'i Economic Research Organization.

Bonham said the main supporter of O'ahu's housing market is the local economy, which remains strong with a stable population, job market and rising incomes.

Higher interest rates, more home inventory and fewer sales aren't going to outweigh factors pushing up home prices, he said.

Bonham's forecast for median home price growth in 2006 is 8 percent, followed by a 5 percent rise next year.

At 8 percent growth, the median price for O'ahu single-family homes would set records of $675,000 in August and about $692,000 in November.

The median is a point at which half the prices are higher and half are lower.

Harvey Shapiro, research economist for the Honolulu Board of Realtors, forecasts a 5 percent to 10 percent gain in the median home price this year.

"The statistics for May are right in line with our predictions of more normal market conditions," he said in a statement. "The frenzied period of market expansion that lasted eight years is clearly over, and the O'ahu housing market is returning to steady-state, historical conditions."

If median home price growth this year stays in line with predictions by Shapiro and Bonham, 2006 would be the slowest growth since 2001 when the median rose 2 percent.

Prices this year have risen 15 percent over the same period a year ago, a growth rate that is about half of what it was for all of 2005 compared with 2004. From 1985 to 2005, annualized growth has been 7 percent.

The slowdown in price appreciation is restoring some balance between buyers and sellers as the market moves away from the extreme sellers' market it was.

Jim and Remle Winand in April bought a single-family home in Hawai'i Kai. But the nearby townhome they moved out of and are trying to sell is still on the market seven weeks later.

"We had plenty of people walk through, but no real good offers — not aggressive like before," Jim Winand said.

The Winands started asking $615,000 for their three-bedroom, 2 1/2-bath townhome, and backed off to $609,000 and then $605,000. But with market prices still rising, the Winands are hoping they will get a good offer.

"We can wait," Remle Winand said. "We think we're going to get a good price."

Buyers appear to be holding out or taking their time in making purchase decisions, as exhibited by the growing time homes are sitting on the market.

The median number of days single-family homes spent on the market in May was 52, a dramatic increase from 17 days a year earlier. Condominiums took a median of 38 days to sell, up from 15 a year earlier.

Despite more time sellers have their property on the market, there were more buyers of single-family homes last month — 374 sales, up 2 percent from 366 a year earlier.

However, condominium sales were down 13 percent to 605 last month from 692 a year earlier.
The median condo sale price was $306,000 in May, up from $296,500 in April but below the record set in February at $315,000. The May condo median price was 16 percent higher than $265,000 a year earlier.

May's single-family home median price of $668,300 compared with $615,000 in April and $610,000 a year earlier. The previous record was $650,000 in March.

Inventory in May rose to 1,722 for single-family homes, up from 854 a year earlier and 1,644 in April. Condo inventory rose to 2,413, up from 935 a year earlier and 2,278 in April.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.