The Real Estate market on the Island of Oahu has been remarkably resilient and has outperformed many mainland markets and some experts expectations. We have seen a strong and steady increase in sales activity Ytd 2009 despite any lingering effects of a nationwide recession. Honolulu's unemployment rate in 10/09 dipped to 5.9% (according to recent data available and down from 6% in 9/09) (source: US Bureau of Labor Statistics).
Here are the specifics for the month of November 2009, Oahu Resale activity:
'Unit Sales' for Single Family Home Resales: 249 (up 46.5% from 11/08). 'Median sales price' for Single Family Home Resales: $590,000 (down 0.75% from 11/08)
'Unit Sales' for Condominium Resales: 407 (up 102.5% ! from 11/08) 'Median Sales Price' for Condominium Resales: $320,000 (up 1.2% from 11/08)
(All % figures per HBR's MLS data released 12/1/09).
The apparent prospects of an imminent recovery combined with the lowest prices in years, record low interest rates (under 5% for 30y fixed rates) and the home buyer tax credit incentive have fueled sales activity in the Oahu Real Estate market. This is far cry from the now almost forgotten expectation of a doomsday 'Great Depression' scenario which was dominating the news in 1/09 and caused the 'unit sales' numbers for 1/09 to go on record as the lowest in 10 years.
Analysis of market trends and future outlook: Real Estate cycle market bottom was put in place in 1/09. 'Unit sales' (Demand) has been steadily increasing during 2009. 'Median Sales Prices' is unchanged from 11/08. 'Months Of Inventory Remaining' has diminished to a low 4.8 and 4.3 months (Nov -09) from 15.8 months earlier in 2/09. The overall market on Oahu is likely to move sideways into the year 2010. With the lowest prices in years, record low mortgage interest rates and the newly extended and expanded Home Buyer tax credit, the Oahu Real Estate market is expected to perform just fine. While the appreciation potential for the median sales price on Oahu most likely will be limited during 2010, it is very possible that we might look back in 3 years from today and recognize that 2009 and early 2010 will have turned out to be a very opportune time to have bought in many years.
Check also for live feeds and daily Hawaii Real Estate updates at: http://facebook.com/GKhawaii
Approximate Location Boundaries: All of the Island of Oahu, including the city of Honolulu
Location Characteristics: The Island of Oahu with Honolulu as the largest city and State capital is considered the political, business, financial and cultural center of Hawaii. About 900,000 or 75% of the state population resides on Oahu, also referred as the 'Gathering Place'. In my opinion Oahu represents Paradise and a rare combination of the 'Best of Both Worlds': 1st.) It is a Tropical Paradise with world class beaches, blue ocean, clean air and perfect weather all year round, and 2nd.) It offers the best of big city living with Honolulu's job opportunities, all it's medical and cultural benefits and plenty of activities to enjoy.
About George Krischke:
My passion for Real Estate inspired me to buy and sell dozens of properties on my own account. While having a lot of fun, my passion for people inspired me to help others in fulfilling their Real Estate dreams. It is my experience, integrity and market knowledge that I can offer you as a buyer or seller of properties here in Hawaii. Through my commitment to provide excellent service I have built a reputation for client satisfaction. I love this business, ...especially here in the islands. If you are thinking about owning Real Estate or selling your property, please allow me to assist you. Specializing in residential & investment properties, oceanfront & resort homes in Honolulu and Hawaii... George Krischke (R), e-PRO (808) 554-1635 Coldwell Banker Pacific Properties http://facebook.com/GKhawaii http://YourHawaii.com
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
