Hawaii Real Estate Market Update

This past week was a good one for Hawaii real estate news.

The October Statistical Report showed the following positive factors for Oahu's real estate market:

281 Single Family Homes sold. This is up from 243 last October. This is the second consecutive month that home sales have improved vs prior year.

381 Condos sold. This is up from 316 last October. This is the third consecutive month that condo sales have improved vs prior year. This indicates a trend.

The median sales price for single family homes was $605,000. This was 15.6% under prior year's median price of $625,000.

The median sales price for condos was $295,000. This was 9.2% below prior year!


While unit sales out pace prior year, median sales prices are still going down and haven't quite levelled off yet. These indicators verify that this continues to be an EXCELLENT time for QUALIFIED BUYERS to purchase a home.

This along with the extension of the First Time Home Buyer credit to April and the expansion to include home owners that have lived in their homes for 5 of the past 7 years who are purchasing a home, adds more potential Buyers to the mix. This will create more impetus to positively effect the recovery of the residential real estate market.

If you're ready to take advantage of the new Extended and Expanded Home Buyer Tax Credit Program call Dwight Ellis at 808 351-1507.

Next week we'll discuss Days on Market, Months of Remaining Inventory and Neighborhoods to watch.