February of 2009 continued right where January left off. We had 129 single family homes and 160 homes close last month. Our year to date volume is down 53% from last year. In order to find similar numbers, we have to go back to around 1995-1996 which many can argue was the bottom of the previous down market. Our median sales price was $555,000 for single family homes and $297,000 for condos. The last time we had these prices were early 2005 for homes and mid 2006 for condos. Our days on market for homes are 69 and 70 for condos, which isn't that bad still compared to most of the mainland US. I'm surprised as to how many buyer inquiries I've had over the past several weeks where the home they're inquiring on is under contract. Even though the numbers of sales are down significantly, well priced homes are selling.
When broken down per region, Waialae-Kahala led the market w/ numbers of sales up 18% from last year and prices up 8% for single family homes year to date* For the biggest buying opportunities, Pearl City-Aiea home prices are down 33% from last year. On the condo front, Kalihi condos were up 33%. Perhaps the best buying opportunity could be Kapahulu-Kuliouou which was down 62% (part of reason was some leasehold sales drug down the prices). Outside of that, Ala Moana to Kakaako was down 43% and could create some opportunity there as well.
On a bright note, amid all the doom & gloom in the news, real estate has held its price well as an asset class. Recently, the S & P 500 index is now worth the same as it was in 1996. If you invested $100,000 then, it would be worth $100,000 today, 13 years later. If you invested $100,000 in Oahu real estate then, you would be far better off! With no financing or leverage involved, you would be up 50% on average. When you add in leverage/financing, tax incentives, etc. you would could have increased your returns exponentially!
*It was also Waialae-Kahala's appreciation that led us out of the last down market.
The Honolulu Board of Realtors has released the latest stats for January of 2008. The median sales price of a single family home on Oahu is down 10% from the previous year- from $600,000 to $539,500 which puts us back to Feb./March of 2005 levels. The North Shore led the way- down 51.8% from the previous year. East Oahu held strong w/ a median sales price up 2.2% from 2008! Remember- ALL MARKETS ARE LOCAL What may be happening in one neighborhood might not be happening in another... Our median sales price for a condo is also down 5% from $324,000 to $305,000. To show how slow the North Shore is, there was not one condo sale there in January. We are also now at 71 days on market for Single Family homes & 59 days for condos, which isn't too bad compared to the rest of the mainland U.S. Our inventory is actually down slightly from Dec. of 2008 w/ 70 less homes on the market and 140 less condos & these numbers are real close to where we were this time last year. What has really slowed down dramatically is the number of sales on Oahu. There were 122 homes and 159 condos that sold in January, down 46% and 51% from previous year and down 37% and 35% from December of 2008. These were the lowest numbers of sales since the mid-1990's. In hindsight, this was the best time to buy real estate here. Nobody has a "crystal ball", but now could be a good time as well...
With the recent completion of the Sony Open Honolulu was featured as the backdrop on national television this past week. As there were record breaking lows on the mainland, we've enjoyed beautiful sunny weather. In case you were wondering what a home on Waialae Golf Course goes for, here's what's currently on the market:
 |
||||||||||||||||||||||||||||||||||||
| Single Family | ||||||||||||||||||||||||||||||||||||
|
| Rare opportunity to live in EXTRA LARGE WAIALAE Golf Course frontage property! Fantastic View of 11th fairway with pretty fountains, this private sanctuary sits on large 16,250 sq.ft. of land. Kitchen completely remodeled in 2002 but original bedrooms, newer paint, roof & pool. Separate studio cottage too! Must see! Don't miss out to own one of only sixty some Waialae Country Club frontage homes! |
|
|
 |
||||||||||||||||||||||||||||||||||||
| Single Family | ||||||||||||||||||||||||||||||||||||
|
| Waialae Golf Course prime direct ocean view/fairway property. Over 139 feet of frontage. Restore to excellence or build new. Classic open floor plan to pool, fairway and ocean beyond. Watch the waves break or enjoy the lush fairways. AS IS ready for a renaissance. |
|
|
 |
||||||||||||||||||||||||||||||||||||
| Single Family | ||||||||||||||||||||||||||||||||||||
|
| Beautiful renovated single level home on world famous Waialae Country Club golf course. Located at the 13th hole and 14th tee. Perfect for poolside entertaining, and featuring a custom designed separate cabana with barbecue, beer on tap and more. Designer furnishings available separately. |
|
|
----- Information herein deemed reliable but not guaranteed. ----- Copyright: 2009 by HiCentral MLS, Ltd. Tue, Jan 20, 2009 11:23 AM |
 |
||||||||||||||||||||||||||||||||||||
| Single Family | ||||||||||||||||||||||||||||||||||||
|
| Golf course frontage 7th Fairway famous Waialae Country Club, Honolulu, home of SONY OPEN plus ocean views on cul-de-sac street. Ronovated 2 story home-spacious rooms w/amazing views. Steps to ocean & Kahala Hotel & Resort. Location is everything. Shown to Pre-Registered & Pre-Qualified Clients only. |
|
|
----- Information herein deemed reliable but not guaranteed. ----- Copyright: 2009 by HiCentral MLS, Ltd. Tue, Jan 20, 2009 11:23 AM |
If these homes aren't in the budget, you can get a home on one of the nearby ridges with an ocean & golf course view for around $1 million and up.
I recall in the spring of 2008, we were able to refianance our current residence at $4.875 on a 30 year fixed. We got totally lucky. We were able to lock during a day of high market volatility. Since then, nobody would believe me on the rate I got. They'd ask "for a 15 year mortgage"? I'd smile and reply, "actually a 30 year". Rates then started to go up to above 6%. Several of my buyer clients proceeded to purchase last year in the high 5 to low 6% rates. I almost felt guilty because my interest rate was so low...
Guess what? Rates are even lower today! I've had a lender friend of mine tell me she's refinancing her current residence for 4.5% for 30 years! Another lender friend of mine is doing so many deals they don't know what to do... Another agent in my office is locking in at 4.375% I can't believe it! I've never seen rates so low! If you're on the sidelines & capable of qualifying for a new loan or refi, now is the time!
The "Buck" Stops Here for All Your Real Estate Needs! David E. Buck (RA) at your service! Your local source for information, satisfying his buyers and sellers needs! Servicing all of Oahu, Hawaii.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
