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Honolulu Predicted to be The Hottest Real Estate Market in 2008

Waikiki Beach

http://www.housingpredictor.com/ chose Honolulu as their pick for the hottest housing market in the country. All I can say is from their lips to God's ears.

While other parts of the country have suffered, Oahu (Honolulu County) has been a pretty stable market. Even though the resale volume is down from the hot market in 2004 & 2005, prices have remained stable.

Why do I think things have been generally better in Hawaii?

  1. People in Hawaii pay their mortgages. We constantly are among the lowest for foreclosures and delinquent mortgage payments.
  2. Our unemployment rates have been among the lowest in the nation for a few years now.
  3. We are on an island, the supply is limited.
  4. There are several large military bases and a fair amount of troop movements.
  5. The dollar exchange rate makes us look like a bargain to foreign investors, especially the Canadians.
  6. Some west coast markets, not only are slower, but the prices are higher. We look like a bargain to some of their folks.
  7. According to http://www.housingpredictor.com/ the J-REIT (Japanese real estate investment trust) will allow capital to purchase in Hawaii. Hawaii has been a favorite for Japanese investors and this change may provide a large influx of money from Japan.
  8. We are in Hawaii, who wouldn't want to live or invest here?

I think No. 8 says it all. Aloha From Sunny Hawaii!!

Posted Monday Mar 10
( 03/10/08 06:14AM ) — Neal Bloom-Realtor ® Assoc.-CRS-Weston FL

I wish I could say the same for here but it's the opposite of what you said.

( 03/10/08 11:58AM ) — Midori Miller-Daytona Beach Florida Real Estate Trainer

Randy-I think once you own paradise there is no way...anyone would let that go!  If I could live anywhere in the world...there is a good chance it would be Hawaii! :)

( 03/10/08 12:53PM ) — Patricia Kennedy

Randy, I've never even been to Hawaii!  Your posts make me think it would be good to make travel plans!

( 03/10/08 04:34PM ) — Leslie Bloss, Seattle Real Estate Professional

Hi Randy,

That is good news.  I suppose you are getting more people becoming real estate agents there also. 

( 03/10/08 04:46PM ) — Carl & Ceil Winters

Howdy Randy, Told you I would start following your blogs; after reading this one I know I will come again. Have never been to Hawaii but watch many travel shows showing the good, quality life in Hawaii. I would think the real estate market would be excellent and continue to grow. How could it not when you are living in a paradise.

( 03/10/08 06:36PM ) — George Souto

Randy, we are experiencing pretty much the same market here in Connecticut.  Even though we were down about 12% in sales last year, or Median Price was up 3%.

( 03/10/08 07:15PM ) — Celeste "SALLY" Cheeseman (RA), e-PRO HAWAII Relocations & HAWAII Real Estate

Yup...but they keep doing those darn "national" reports to include everyone....it's local local local market...end of story.  I love Hawaii.

( 03/12/08 12:35AM ) — Randy L. Prothero - Hawaii REALTOR®

Neal - I hope they are correct in their predictions.

Midori - That was true for me.

Patricia - Hawaii is calling.

( 03/12/08 12:40AM ) — Randy L. Prothero - Hawaii REALTOR®

Leslie - The schools haven't stopped pumping them out.  There have been some leaving as the sales volume dropped the last couple of years.  This is a renewal year.  It will be interesting to see what the membership numbers are next January.

Carl - It is a great place to live.

George - I have heard similar numbers from a few markets around the country.

( 03/12/08 12:41AM ) — Randy L. Prothero - Hawaii REALTOR®

Sally - Even here on the island some communities are quite different than others.

( 03/12/08 09:14PM ) — Sharon Simms St Pete Florida CRS CIPS CLHMS

Randy - I know there are a lot of non-native Hawaiians there, but I wonder if some of the motivation to pay their mortgages is a result of the bonding between people and the land...

( 03/13/08 02:43PM ) — Randy L. Prothero - Hawaii REALTOR®

Sharon - I am not sure that is a major factor. 

I was a little bummed yesterday.  I saw the same website moved another community to number 1 ahead us us.

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