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Celeste "SALLY" Cheeseman HAWAII Relocations & Real Estate

Mililani Real Estate | Mililani Condos Homes | Market Report for June 2009

Mililani Real Estate and Housing Market Report for June 2009

Let's start with the Mililani Condo Statistics for June 2009: In May of 2009 (last month) there were 64 Active condos/townhouses on the market, 29 in contract and 20 sold. Looks like our Mililani Condo/Townhouse market is picking up with more units with accepted contracts and going through the transaction process. Sales Prices ranged from $160,000 (1 bedroom condo) to $495,00 (2 bdrm luxury townhouse).

Mililani Single Family Home Market Report for June 2009: Let's compare to May of 2009 (last month). We had 36 Active Listings for May 2009 with 11 in contract and 24 sold. It appears that our Mililani Single Family Home activity is picking up with more in contract for June 2009 although less closed transactions. Sales Prices Ranged from $500,000 (2 bedrooms) to $830,000 (4 bedrooms).

We can attibute the slower closing process to appraisals taking longer than usual to process...especially with VA Loan Appraisals. As it stands, Mililani is centrally located on the island of Oahu (which is Honolulu County) and central to all Hawaii Military Bases. The volume of Hawaii VA Home Loan Home Buying is on the rise (as is refinancing VA Loans) and therefore slowing the Hawaii VA Real Estate Transaction Process.

Another factor is that our Governor imposed a three Fridays a month furlough (with no pay) to balance the budget so of course that puts our Bureau of Conveyances behind on the recording process. Instead of the one day after funding to record it will now take two or more days.

More Hawaii Market Reports for Honolulu County:

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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs she serves all Hawaii Home Buyers and Sellers on the island of Oahu (Honolulu County) inclujding all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com

Honolulu Real Estate | Market Report for June 2009

Honolulu County Real Estate Housing Market Numbers Are Out for JUNE 2009 !

In the previous two posts on Year to Date Honolulu County Housing Market Statistics I showed you the reality from 2008 to 2009 where numbers and sales prices showed a decrease. Looking at the following housing market numbers and sales prices from May to June 2009 we now are showing a little increase in activity and sales prices.

Single Family Home Resales Numbers: The June 2009 sales numbers are starting to climb at 254 Single Family Home sold in the month of June compared to 225 in May of 2009. An increase of 29 sales compared to May 2009 in number of sales for the island of Oahu (Honolulu County)

Single Family Home Average Sales Prices: Our Honolulu County Resales for Single Family homes showe an increase in sales prices for the past one month time period. A $19,000 increase in Average Sales Price for the island of Oahu (Honolulu County). and a 3.5% increase in a one month period!

Condo/Townhouse Resale Numbers: Our Honolulu Real Estate Housing Market sales numbers have increased in the past month from 263 to 293 sold units. An increase of 30 solds in a one month period!

Condo Average Sales Prices: The Year to Date sales prices shows an increase of 1.6% from $305,000 to $310,000 for the island of Oahu (Honolulu County).

Could this be a turn around for our market now? We're hoping so. Business has picked up for all, interest rates are seemingly up and down and inventory slowly going down in all neighborhoods. If your situation and circumstances allow....it just may be your time to buy and also utilize that $8,000 first time home buyer credit this year.

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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs she serves all Hawaii Home Buyers and Sellers on the island of Oahu (Honolulu County) inclujding all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com

Honolulu County Real Estate | YTD Condo Market Report for Period Ending June 30, 2009

Honolulu County Real Estate Numbers Are Out!

Condo/Townhouse Resale Numbers: The Year to Date sales numbers for condos/townhouse significantly decreased since 2008 for the same YTD time period. A -778 decrease in number sales for the island of Oahu (Honolulu County) or -36.1% drop.

Condo Average Sales Prices: The Year to Date sales prices shows a decrease from 2008 sales prices for the same YTD time period. An -11.9% drop in sales prices for the island of Oahu (Honolulu County).

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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs she serves all Hawaii Home Buyers and Sellers on the island of Oahu (Honolulu County) inclujding all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com

Honolulu County Real Estate | YTD Single Family Home Market Report for Period Ending June 30, 2009

Honolulu County Real Estate Numbers Are Out!

Single Family Home Resales Numbers: The Year to Date sales numbers are starting to climb and are just under the 2008 sales numbers for the same YTD time period. A -306 decrease in number sales for the island of Oahu (Honolulu County) or -21.7% drop.

Single Family Home Average Sales Prices: The Year to Date sales prices shows a decrease from 2008 sales prices for the same YTD time period. A significant -14.9% drop in sales prices for the island of Oahu (Honolulu County).

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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs she serves all Hawaii Home Buyers and Sellers on the island of Oahu (Honolulu County) inclujding all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com

Is This Lengthy Real Estate Process a Means of Cleaning the WHOLE House?

All Loan Officers and Real Estate Agents in Hawaii were given a memo (it was released on May 19th) that Hawaii VA Loan Appraisals are taking longer now due to . The memo from the Head of VA Home Loans here on Oahu made sure to stress that on Oahu (Honolulu County) the VA Home Loan Appraisal are taking UP TO Five...yes, 5 weeks to complete.

With Hawaii VA Home Loan Appraisals in Honolulu Country taking much longer than usual (based on the amount of home loans in progress) it is definitely placing a burden on all involved in the Real Estate Home Buying Process for the Veteran:

  • Military Personnel who are transferring to Hawaii obviously stay in a hotel until they acquire housing. An appraisal taking up to five weeks can delay the transaction from 30 days to 60 days or more.
  • Veterans who are utilizing their VA Home Loan Guaranty get discouraged when they see the rest of the transaction is moving swiftly ....but being held up just for the appraisal.
  • The loan officer, real estate agent, escrow are put on hold waiting for an appraisal. The rest of the 'team' who are working together to get the transaction done are stuck in limbo.

You see, our Hawaii Real Estate Transaction Process is quite different than a lot of other states and it also includes the buyer and seller signing all loan and escrow documents at different times. We all don't sit down at the same time to sign documents and we do not hand over keys right then and there.

After signing all loan and escrow documents we still have to wait for up to 3 days for the loan company to fund the monies to escrow. AFTER escrow receives the monies then, and only then, can escrow file the conveyance documents with the Bureau of Conveyances which recorded the morning after.

Now, we have another damper on our Hawaii Real Estate transactions. Since our Governor 'had to balance our budget' she ordered that State Offices will close three Fridays of every month (no pay but better than 10000 jobs lost).

The Bureau of Conveyances says it's now TWO days for processing documents for recordation.

With all the delays for appraisals and recording documents I'm starting to believe that it's a test to show the seriousness on everyones part.

The buyer who is really wanting to purchase property, the seller who needs to sell to relocate, the real estate industry professionals who are REALLY thinking in their clients best interest.

Talk about cleaning house.

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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com