Market At A Glance

In November, the Honolulu Real Estate market felt the favorable influen ces of the low interest rates, low prices and first time home buyer tax credits.

249 single family homes sold vs 170 last year. POSITIVE INDICATOR

407 condos sold vs 201 last year.
POSITIVE INDICATOR

The median sales price for single family homes was lower than last year at $590,000 vs $594,500. POSITIVE INDICATOR

For condos, the median sales price was slightly higher than last year at $320,000 vs $316,200. STABLE INDICATOR

Sales have been brisk with days on market for single family homes from listing to escrow dropping to 42 days vs 57 last year. POSITIVE INDICATOR

Condo sales have been especially brisk with days on market at 32, less than half as much as last year at 68. EXTREMELY POSITIVE INDICATOR

The popular prices for single family homes has been anything between $200,000 to $300,000 and $400,000 to $700,000. For condos, those priced between $200,000 and $250,000 and $300,000 to $500,000 have had the most activity. PRICE INDICATOR FOR DEMAND

As a result, 5 of 17 single family neighborhoods and 9 of 19 condo neighborhoods are in stage 2 of the real estate cycle for November. ( Unit sales are above prior year and the median sales price is also above prior year) EXTREMELY POSITIVE INDICATOR

If your're interested in purchasing a new home or investment property, now is the ideal time with the current market conditions of low interest rates, low prices and tax credits for first time home buyers as well as home seller's looking to purchase.

In November, the median sales price was .8% below prior year while the year to date median sales price is 7% below prior year. This would indicate that prices are firming up vs prices earlier in the year.

The same holds true for condos. In November, the median sales price was 1.2% above prior year. The year to date price is 6.8% below prior year. This indicates condo prices are already moving up vs prior year.

Conditions are such that we're nearing the bottom of the market for single family homes and condos. With the low inventories of property available continuing to decline and demand remaining stable, upward pressure is beginning on list and sales prices.

Don't miss this opportunity to get a great buy by waiting for the market to hit bottom. You won't know when that is until AFTER it's occurred! It may have already occurred for condos!!

If you'd like some assistance to take advantage of these A UNIQUE market conditions, call Dwight Ellis at 808 351-1507.