“Real Estate News for Oahu” with January 2006 Statistics

Reporting February 2006

Hawaii – Oahu – Real Estate Update
Fifth month in a row of lower numbers of sales.  While Oahu Median sales price for a single family home took a hop up to $615,000 in January from $610,000 in December, it doesn’t mean much without the demand to hold it up.  Inventory is growing dramatically (see below). It’s still a high median price compared to January 2005’s $505K but I’m not impressed. It does show you have a bit of time though if you are thinking of selling. We’re at that peak but time may be running out. The # of sales of homes fell to 303 homes sold in January compared to 333 last year and 342 the year before and is the lowest sales month since Feb last year, which historically is a bad sales month. Anxious to see how Feb turns out THIS year… If you want to know what YOUR house is worth, please e-mail us at: HomeValue@stott.com

Oahu Condos finally fell to a median price of $295,000. This compares to the January 2005 figure of $224,000 but is lower than the last several months.  504 condos closed in December compared to 570, same month a year ago. So, finally staring to see some dips, even in the condo market… Again, timing is critical if you want to sell at the peak!  If you want to know what YOUR condo is worth, e-mail: CondoValue@stott.com

Oahu Total Inventory - In January, 738 home listed compared to 441 last month and a whopping 1072 condos went on market compared to 730 last month. Total inventory now is at 1578 homes (stable with last month) but condos are at 2,125. This inventory hasn’t been this high since 1999 in homes and 2001 in condos… That’s a LONG time…. That compares with figures last year this same month of 961 homes and 1378 condos….How long will it take to sell off that inventory?? Read on…

NEW STAT: Months of Remaining Inventory - This statistic is rising each month. There is now FIVE (5) months of remaining inventory in homes and close to 4 months in condos…. For comparison, last year, the same month we had 2.3 in homes and 2 in condos…. For single family homes priced over $1M that # is over TWELVE (12) months now and for condos over $500K, it’s 6.7 months…  What does that mean to you?  Correct Pricing just became CRITICAL in selling your property in a timely manner.  You do NOT want to be chasing the market down, you want to sell AT market today to get the most money. The Stott Team are experts in pricing your property correctly.

Oahu’s Days on Market (for those that sold!) for January was 40 for homes and 28 for condos…  Note: June 2005 were 15 for homes and 16 for condos… The number is also rising monthly.

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!

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

So…What else has The Stott Team Ohana been up to?
George and Mary Lou’s new puppy has grown into a star already! Nubuk won his a Blue Ribbon at his very first competition last month against other puppies under 1 year old.  Donna and Mike’s remodel is hopefully finishing up this month… photos available if you want, let me know! David has his own place now in Seattle (mom just back from there) and Denise has moved to the UH dorms & is working at Spaghetti Factory. Down to 3 at home… Tracey just worked the Punahou carnival with her class this month (always an event) and Tim & Tracey both continue to shuffle the kids daily from swimming to soccer as well as perform outstanding real estate magic!  It truly is a family company!

Case Study / Testimonial Letters
Mr & Mrs Lofton write: Thank you all so much for your hard work on the sale of our condo. We really appreciated being completely kept informed and your cheerful attitudes really made the difference. You were there for us through the tears about the decision to sell and the tenant issues. We really appreciated your caring professionalism.
Ms. Lindquist writes: I was constantly kept informed during my purchase… the Team approach is a good one! I would definitely refer you for the friendly and thorough services you provide!

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
Team Coordinator                   254-1515 locally
DonnaStott@stott.com            Toll Free: 1-800-922-6811
http://www.stott.com

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