Hawaii Special Report-2009

Hawaii Real Estate Indicators
A QUARTERLY REPORT ON THE REAL ESTATE INDUSTRY

SECOND QUARTER 2010
(inserts from the latest edition)

for a 2010 monthly Report on

Oahu market for Single Family Homes and Condominiums is off and running...

Oahu real estate recovery goes 4G

Posted: Jun 08, 2010 6:13 PM Wednesday, June 9, 2010 12:13 AM EST Updated: Jun 09, 2010 10:51 AM Wednesday, June 9, 2010 4:51 PM EST

By Howard Dicus

HONOLULU (Hawaii News Now) - Honolulu home sales are picking up, prices are mostly higher, and two other metrics show the strength of the market is growing.

In May on Oahu, 284 homes went to closing, about a third more than in May of last year, for a median price of $606,000 that was up $64,000 from back then. More than half the home sales were in the Ewa-Waipahu area or the Kaneohe-Kailua area.

The Honolulu Board of Realtors reported Tuesday that 355 condos went to closing for a median price of $312,500 that was up more than $12,000 from last year at the same time.

This continues a trend of some months, but deep detail in the version of the report transmitted to real estate agents themselves showed not two but four factors that point to economic recovery.

What makes it 4G good news is (1) average time on market is down to 31 days, about half of what it was just a year ago, and (2) the average home seller is now getting 95% of list price.

Those neighbor island home sales figures so far available from May show improvement, too, but not yet of this magnitude.

-Results of 2009-

Trade-Up Market adds up, Rebounds-Honolulu Advertiser October 25, 2009 by Lisa Scontras
Market upswing due to stimulus, move-up buyer. Economic stimulus, in the form of the American Recovery and Reinvestment Act of 2009-$8,000 tax credit to first time home buyers has worked so well, that inventory on Oahu in the $400,000 to $600,000 price range is depleted to the bidding-war levels. In other words, you shouldn't have any trouble trying to sell your home, or get close to your price, if you list a home in this price range.

Low Inventory Biggest Obstacle-Honolulu Advertiser August 30, 2009 by Lisa Scontras
It may appear to the casual observer that not much has changed in the past year on the local real estate front. Home prices are still down, Interest rates are still low. But for be buyers who are watching the hot sheet for new listings on a daily basis, inventory levels are so low that when choice homes in certain Oahu neighborhoods come on the market they are quickly snatched up before a for sale sign is ever planted in the front yard.

Source: Prudential Locations Real Estate Sales & Research-2009

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