Hawaii real estate market is strong with steady or slightly rising prices.
United Kingdom of Great Britain & N. Ireland (Press Release) October 3, 2007 --
Hawaii real estate market is strong with steady or slightly rising prices.
Hawaii Realtor, Oleg Potemkin, of Hawaii Realty Associates, LLC (www.Hawaii-Realty.com ) on Oahu states: "Hawaii real estate market is still going strong, and will probably go even higher with extremely low interest rates and with over 70 million baby boomers begin to retire and look at beautiful Hawaii as a perfect place to live in the next stage of their life"
While some real estate markets across the nation are experiencing instability, Oahu housing market continues on a steady path according to resale figures released by the Honolulu Board of REALTORS for the month of August, 2007.
During August, sales of 381 single-family homes and 495 condominiums were reported through the Board's MLS, an increase of 8.5 percent for single-family homes and a decrease of 14.7 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 2,622 for the first eight months of 2007, a decrease of 4.6 percent over the same time period one year ago. Total condominium sales through August were 3,930, a 14.5 percent decrease from last year. The year-to-date median prices paid for Oahu properties in the first eight months this year were $647,300 and $325,000, respectively, increases of 1.9 percent and 4.8 percent over the 2006 prices of $635,000 and $310,000. The total dollar sales volume generated in the housing market for the first eight months of the year was $3.580 billion, a decrease of 6.2 percent, or $236 million, compared to the $3.816 billion produced one year ago.
"The Oahu housing market has remained relatively stable," said Berton Hamamoto, president of the Honolulu Board of REALTORS . "Single-family home sales during August were not only the highest in 2007, but also the best since March 2006 when there were 392 sales. Prices have been stable as well, with both single-family home and condominium pricing staying within a very narrow range. Mortgage rates dropped significantly over the last month, especially for the 1-year adjustable rate mortgage, and this historically leads to increased demand in the housing market," added Harvey Shapiro, research economist at the Board of REALTORS .
The average single family home in Oahu takes just 44 days to sell, while homes in other real estate markets around the country are sitting on the market for up to a year. Hawaii condos are taking just 38 days to sell. The lack of inventory is driving the price of homes upward. With only 4,245 properties on the market for an island of over 900,000 people, Hawaii real estate remains a seller's market in many areas.
Oleg Potemkin (RA) of Hawaii Realty Associates, LLC has been helping individuals and families with their Hawaii real estate needs since 2002. For more information on buying or selling real estate on Oahu, Hawaii, please visit http://www.hawaii-realty.com or call Oleg at (808) 398-9987.
Hawaii Realtor, Oleg Potemkin, of Hawaii Realty Associates, LLC (www.Hawaii-Realty.com ) on Oahu states: "Hawaii real estate market is still going strong, and will probably go even higher with extremely low interest rates and with over 70 million baby boomers begin to retire and look at beautiful Hawaii as a perfect place to live in the next stage of their life"
While some real estate markets across the nation are experiencing instability, Oahu housing market continues on a steady path according to resale figures released by the Honolulu Board of REALTORS for the month of August, 2007.
During August, sales of 381 single-family homes and 495 condominiums were reported through the Board's MLS, an increase of 8.5 percent for single-family homes and a decrease of 14.7 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 2,622 for the first eight months of 2007, a decrease of 4.6 percent over the same time period one year ago. Total condominium sales through August were 3,930, a 14.5 percent decrease from last year. The year-to-date median prices paid for Oahu properties in the first eight months this year were $647,300 and $325,000, respectively, increases of 1.9 percent and 4.8 percent over the 2006 prices of $635,000 and $310,000. The total dollar sales volume generated in the housing market for the first eight months of the year was $3.580 billion, a decrease of 6.2 percent, or $236 million, compared to the $3.816 billion produced one year ago.
"The Oahu housing market has remained relatively stable," said Berton Hamamoto, president of the Honolulu Board of REALTORS . "Single-family home sales during August were not only the highest in 2007, but also the best since March 2006 when there were 392 sales. Prices have been stable as well, with both single-family home and condominium pricing staying within a very narrow range. Mortgage rates dropped significantly over the last month, especially for the 1-year adjustable rate mortgage, and this historically leads to increased demand in the housing market," added Harvey Shapiro, research economist at the Board of REALTORS .
The average single family home in Oahu takes just 44 days to sell, while homes in other real estate markets around the country are sitting on the market for up to a year. Hawaii condos are taking just 38 days to sell. The lack of inventory is driving the price of homes upward. With only 4,245 properties on the market for an island of over 900,000 people, Hawaii real estate remains a seller's market in many areas.
Oleg Potemkin (RA) of Hawaii Realty Associates, LLC has been helping individuals and families with their Hawaii real estate needs since 2002. For more information on buying or selling real estate on Oahu, Hawaii, please visit http://www.hawaii-realty.com or call Oleg at (808) 398-9987.
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