“Real Estate News for Oahu” with December 2005 Statistics

Reporting January 2006

Hawaii – Oahu – Real Estate Update
Well, it’s been a great ride… what a wave we’ve surfed the last few years!  Oahu Median sales price for a single family home FELL to $610,000.  That’s a change from November’s $640,500 and the low since July this year… It is up from the December 2004 median of $495,000.
The # of sales of homes fell dramatically to only 315 homes sold in December compared to 366 in November & 412 the month before. That is officially a trend now. Same month last year sold 417, or about 100 more than this year. December is usually a good month, with February being the low… If you want to know what YOUR house is worth in today’s market, please e-mail us at: HomeValue@stott.com

Oahu Condos stayed at a $305,000 median price, 2nd month in a row. This compares to the December 2004 figure of $217,000.  545 condos closed in December compared to 583 same month a year ago. So, the condo market is holding on for now… If you want to know what YOUR condo is worth, e-mail: CondoValue@stott.com

For a FREE full statistical report on EVERY NEIGHBORHOOD on Oahu, go to the right panel of this page. You will see a link under “Real Estate Resources”. Don’t forget to sign up while you’re there for easy information emailed FREE!

Oahu Total Inventory - In December, 441 homes and 730 condos were listed for sale. Total inventory now is at 1542 homes and 1961 condos/townhomes listed for sale. That compares with figures last year this same month of 1046 homes and 1508 condos.  And how long will it take to sell off that inventory… if no one else listed anything else? Read on….

NEW STAT: Months of Remaining Inventory -  This statistic has hovered in the 2 month range for over 2.5 years… this month was a dramatic change.  4.2 months in houses and 3.2 in condos. For comparison in 2000 those numbers were around 5-6 months and in the mid ‘90’

Oahu’s Days on Market for December was 31 (double 6 months ago!) for homes and 23 for condos…  Note: 2000 averaged 46 for houses and 52 for condos.

We will anxiously await January’s numbers due about February 2-3.  If you would like to see what’s on the market in ANY area, email us at: UpdateMe@stott.com ~We can set you up on an auto email, or one-time search. Let US help you keep on top of the CHANGING market…. Free, no obligation!

Real Estate NEWS
Number One Story last month was Property Taxes. If you have not seen your new assessment, you can find it by going to: http://www.honolulupropertytax.com If you have seen it and want to know if it’s within the State’s 10% guidelines, let me know and I’ll be happy to run the numbers for you! Email me at TaxAssessment@stott.com If you want to appeal your assessment, I have a link to the forms, just ask.  Cost to appeal is $25 and it must be done by January 17, 2006.

Front page news on the Changing (Dropping) Oahu Real Estate Market: http://tinyurl.com/7t5ax
I can’t tell you how many people in the mid 90’s said to us… if I’d only Cashed Out in 1991-92 I would have gotten SO MUCH more!  Think about that….If you are thinking of Selling, the time is now!  Get the equity while it’s still there…. email me at: Ready2CashOut@stott.com

So…What else has The Stott Team Ohana been up to?
My, my, my…. The rafting trip to Chile in December for Mike, Donna, Tim and Tracey turned into a mostly hiking trip with one incredible rafting ride that took our entire very large raft and 9 occupants sideways UNDERWATER and then surfaced upside down with the 9 of us going in different directions and surfacing only to go back under. It was… well, an adventure! Colder than we thought, the snow was beautiful! Turns out we were pretty close to the southern tip, so… if you want photos, let me know! Donna@stott.com

Case Study / Testimonial Letter
This month’s Case Study is Mr. K who owned several small Hawaii investment properties generating about $2000 per month in Positive Cash Flow. This worked well and afforded him a nice annual income. However, The Stott Team showed Mr. K that his equity could be earning him a lot more per month… The Stott Team helped Mr. K sell his units here using 1031 Exchanges (which we do dozens per year and are quite proficient at handling) and changed his cash flow situation to more than double his previous positive cash flow. With NO additional $ out of his pocket! Are YOU using your equity to it’s fullest income potential? Let us help you determine what your current return is and how we can help you double YOUR income! It could change your life! Email me at: WhatISmyReturn@stott.com

Mahalo for reading our Windward newsletter! If you know someone else that should be getting this, let me know!
If you want to be removed,  just hit reply and tell me… I won’t send it if you don’t want it!
And… don’t forget!!  We know great agents EVERYWHERE! Contact us for a referral!
Feel free to forward this to others. Mahalo!

Donna Stott, R, CRS, e-Pro   The Stott Team 254-1515 locally
Team Coordinator                Toll Free: 1-800-922-6811
DonnaStott@stott.com          http://www.stott.com