Randy L. Prothero - Hawaii REALTOR®

The Kaneohe communities (zip code of 96744 and some connecting neighborhoods) have seen changes in the real estate market.

Single Family homes sales have softened. Average sales prices of single family homes year to date are up slightly. In the month of September we saw a slight dip that was mostly attributed to an increase in sales volume of lower priced homes. Sales volume saw a bump in September, but year to date is still down form the 2007 levels. Inventory levels are high with more than a years worth of inventory. If current conditions continue buyers will find sellers may be a little more negotiable.

Condo and townhouse prices are a little rosier. Inventory level has climbed to over a years worth in the Kaneohe area. Prices although year to date have seen stable, but with the inventory levels climbing we may see pricing pressure on the sellers. Buyers should be able to find room to negotiate on many of the condos for sale in the Kaneohe area.

Currently Active for Sale (as of 10/3/08):

• 215 Single Family Homes
• 116 Condos/ Townhouses

Currently in Escrow (as of 10/3/08):

• 32 Single Family Homes
• 22 Condos/ Townhouses

*These numbers were taken from the Honolulu Board of Realtors MLS system and are deemed to be accurate, but not guaranteed.

You can find out more about real estate in Hawaii at: www.HawaiiRandy.com

Or at: www.localism.com

This report covers areas including: Kalihi Area, Kalihi Valley, Kalihi Uka, Kalihi upper, Kalihi Kai, and Kalihi Lower, which is part of Honolulu, Hawaii. These numbers reflect only the totals and average sale prices.

Single Family homes sales have softened. Average sales price of single family homes has slipped a little year to date. The big issue is that sales volume has plummeted considerably. With more than 9 months worth of inventory and low interest rates buyers will find the Kalihi area a good place to negotiable sellers and the home of their dreams.

Condo and townhouse sales are another story. Year to date, the average sales price has stabilized while sales volume is down. In September there were no condo sales in either 2008 or 2007.

Current Active for Sale (as of 10/3/08):

• 41 Single Family Homes
• 7 Condos/ Townhouses

Currently in Escrow (as of 10/3/08):

• 10 Single Family Homes
• 1 Condos/ Townhouses

*These numbers were taken from the Honolulu Board of Realtors MLS system and are deemed to be accurate, but not guaranteed.

You can find out more about real estate in Hawaii at: www.HawaiiRandy.com

Or at: www.localism.com

This West Loch sales report covers both Westloch Estates and Westloch Fairway (part of zip code of 96706) in Ewa beach, Hawaii.

West Loch has seen an increase of inventory and some slippage in sales volume and average sales price. Sellers will find a lot of competition, while buyers will find some really good values in West Loch.

Currently Active for Sale (10/3/08):

• 29 Single Family Homes

Currently in Escrow (10/3/08):

• 1 Single Family Home

*These numbers were taken from the Honolulu Board of Realtors MLS system and are deemed to be accurate, but not guaranteed.

You can find out more about real estate in Hawaii at: www.HawaiiRandy.com

Or at: www.localism.com

The September 2008 numbers are in.

Single Family Home Sales saw a major dip in the median price and sales volume from August and the same period last year. While prices had been fairly stable until September the challenges in the lending industry and tourism industry may have finally hit us in a more substantive way.

Condominium Sales had a larger drop in volume and median price.

With interest rates still holding on the low side and inventory level up a little; buyers should see it a good time to take advantage of the market conditions in most areas.

Sellers need to be more aggressive than past months if they want to be successful.

A few communities are struggling much more than others. I will be posting individual community market reports over the next week. If you have a particular community you are interested in, please let me know and I will try to post it first.

*These numbers were taken from the Honolulu Board of Realtors MLS system and Old Republic Title. They are deemed to be accurate, but not guaranteed.

You can find out more about real estate in Hawaii at: www.HawaiiRandy.com

This is the question on many people's minds.

Here is a few of my observations.

1. Oahu prices are fairly stable compared to most parts of the country. We have seen a slight slippage overall in median prices. A few areas have seen larger drops like Ewa Beach, which has short sales, foreclosures and developers in the area competing with resale homes. Areas like Kahala have seen price increases.
2. Although sales units are down, homes are still selling if priced correctly and in proper condition.
3. Interest rates are fairly low. Immediately after the Freddie and Fannie announcement, rates took a quick dip and are still down.
4. We live on an island. There is only so much real estate available.
5. We are looking like a great place for out of state investors.

If you have been waiting for the bottom or are nervous about the lending industry, you may want to make a move soon.

Our market real estate prices seem to be somewhat stable. Mortgage money is available and at pretty good rates. We do not know how long that will be the case. The lending industry is changing daily. Anyone who predicts what will happen is crazy or being dishonest.

If you are thinking of selling your home, interest rates are down and buyers can buy. You will be competing with many others so pricing and condition are very important.

If you are thinking about buying, there is a good selection of inventory and the lower interest rates will allow you to buy more for less.

In any case this is a time of change and working with top professionals is a must if you are looking for success. You want a real estate agent who is experienced and an expert in that community. You want a loan officer who is good at what they do. I personally prefer working with the funding lenders. That is an entire blog post of its own.

If you are a buyer, mine and most REALTORS® services are normally free to you, so get the best you can find. If you are a seller, I and most top REALTORS® will give you a free evaluation of your home and make recommendations for getting it ready for sale.

Times are a little uneasy, but there are many opportunities out there.