RECAP FOR OAHU SINGLE FAMILY HOMES

The market for Oahu’s single family homes performed well in 2006, despite a slowdown in the number of sales. Last year we forecasted a single-digit increase in median prices and at least a 10% decline in number of sales. We were accurate in our price prediction, as median prices increased by 6.8%, though slightly off in the magnitude of the sales decline as the number of sales fell 16% from 2005 levels.
This end-of-year recap report covers overall market activity of Oahu single family homes. Since Oahu is made up of several distinct market areas, each with its own conditions and activity, it is important that you look at the specific neighborhood you are interested in to get an
accurate picture of what happened. At Prudential Locations, we track sales for over 200 neighborhoods and can provide you with activity for your particular neighborhood. Please me for more information. Contact Us

 

MEDIAN PRICE APPRECIATION FOR SINGLE FAMILY HOMES (2005 VS 2006)

The Oahu single family home market finished 2006 with the median price at $630,000, up 6.8% from the year previous. This is a respectable price gain, although a slower appreciation rate than in recent years.
Median home prices increased in every area of the island in 2006, with the exception of East Honolulu where annual median prices dropped 5.0%. The East Honolulu area stretches from Waialae to Kuliouou, and includes both
luxury and oceanfront neighborhoods, like Hawaii Loa Ridge and Niu Beach and inland valley neighborhoods such as Aina Haina, Niu Valley and Kuliouou. In general, higher appreciation occurred in West Oahu and in
moderately priced Honolulu neighborhoods.

RECAP FOR OAHU SINGLE FAMILY HOMES

Residential Sales Data For Oahu

Condos allow first timers to start small - first Purchase can be stepping-stone to a dream home

FIRST-TIME HOMEBUYERS PART 3 OF 3 Three-part series focusing on the challenges that face first-time homebuyers. HONOLULU ADVERTISER , January 29 2006 BY LISA SCONTRAS  Custom Publishing Group 

Half-million-dollar-plus home prices and random triple-digit growth across the Island since 2000 have intimidated even seasoned investors from jumping into today’s real estate marketing place. But making an unexpected presence on the real estate scene, first-time homebuyers are buying homes or condos and building equity by defying conventional wisdom and doing whatever it takes. READ MORE

 

Home-price increases slow to normal - There may still be some room for growth in condos

HONOLULU ADVERTISER , June 18 2006 BY LISA SCONTRAS  Custom Publishing Group

The housing boom may have ended, but sales at historically healthy levels will continue and price appreciation will return to more normal patterns across much of the country, according to the National Association of Realtors.

Local economists confirm the Hawaii housing market has cooled as well and that both sales numbers and price growth will slow this year to more normal levels.  READ MORE