The September 2008 numbers are in.
Single Family Home Sales saw a major dip in the median price and sales volume from August and the same period last year. While prices had been fairly stable until September the challenges in the lending industry and tourism industry may have finally hit us in a more substantive way.
Condominium Sales had a larger drop in volume and median price.
With interest rates still holding on the low side and inventory level up a little; buyers should see it a good time to take advantage of the market conditions in most areas.
Sellers need to be more aggressive than past months if they want to be successful.
A few communities are struggling much more than others. I will be posting individual community market reports over the next week. If you have a particular community you are interested in, please let me know and I will try to post it first.
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For the Month of September 2008 |
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OAHU SINGLE FAMILY HOME RESALES |
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Number of Sales |
This Month Compared to |
Median Sales Price |
This Month Compared to |
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September 2008 |
215 |
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$590,000 |
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August 2008 |
255 |
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$635,000 |
-7.1% |
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September 2007 |
255 |
-15.7% |
$650,000 |
-9.2% |
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OAHU CONDOMINUM RESALES |
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Number of Sales |
This Month Compared to |
Median Sales Price |
This Month Compared to |
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September 2008 |
305 |
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$296,000 |
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August 2008 |
345 |
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$328,000 |
-9.0% |
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September 2007 |
414 |
-26.3% |
$335,000 |
-11.6% |
*These numbers were taken from the Honolulu Board of Realtors MLS system and Old Republic Title. They are deemed to be accurate, but not guaranteed.
You can find out more about real estate in Hawaii at: www.HawaiiRandy.com
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Randy L. Prothero, REALTOR®, ABR, AHWD, CRS, e-PRO, GRI, SFR
Century 21 Liberty Homes
Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers. His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.
Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) and the Leeward Regional Chairman of the Honolulu Board of Realtors. To improve overall professionalism in his area Randy also offers classes for real estate agents.
www.HawaiiRandy.com * Oahu (Honolulu County) Property Search * Hawaii Military Relocations
Randy - The same is true of my market sellers need to be more aggressive in adjusting price.
Hi Randy,
I think it is a national trend. What is the average DOM in your neck of the woods?
Jennifer - Our prices have been pretty stable until September. I can't wait to see how some of my communities did.
Cynthia - It is varying tremendously by community and neighborhood. Some areas are 2-3 months and others have over 12 months inventory. it is critical to know our numbers.