"Real Estate News for Oahu" with February 2006 Statistics

Published March 2006

Hawaii – Oahu – Real Estate Update
Oahu Median sales price for a single family home that closed in February was $613,500, slightly down from January’s $615,000. Inventory is growing dramatically (see below). It’s still a high median price compared to February 2005’s $525,500. The # of sales of homes was only 248 last month… 303 homes sold in January.

Oahu Condos median price of $315,000 compares to January’s $295K. Condo market still strong, especially Windward. See Days on market below…  487 condos closed last month compared to January’s 504. Numbers of sales keep dropping.

Oahu Total Inventory - In February only 593 new homes were listed, compared to 738 last month and a whopping 904 condos went on market compared to 1072 last month. Total inventory now is at 1619 homes, about double this time last year (think “supply and demand”) and condos are at 2,209. That compares with figures last year this same month of 858 homes and 1202 condos….How long will it take to sell off that inventory?? Read on…

Months of Remaining Inventory - This statistic continues to rise. Prices will be affected at some point. Now at 5.3 months of remaining inventory in homes and 4.4 months in condos…. Last year, the same month we had 2.6 in homes and 2.1 in condos.  Area does matter, for example, Windward condos have only 2.5 months of inventory but East Oahu has 9.4!   For homes priced over $1M that # is at 12.9 months now and for condos over $500K, it leaped to 9.2 months.

Oahu’s Days on Market (for those that sold!) Also continues to rise… February was 42 for homes and 31 for condos…  Note: June 2005 was our low (read: fastest selling) at 15 days on market for homes and 16 for condos. 

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!  We can also tell you what we think your home is worth today. Just ask!  HomeValue@stott.com

For a FREE full statistical report on EVERY NEIGHBORHOOD on Oahu, go to www.OahuRealEstateUpdate.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! And if you know someone that may be relocating to Oahu, have them sign up at www.relocating2Oahu.com It’s a wealth of information for the Buyer thinking of moving here!

So…What else has The Stott Team Ohana been up to?
More dog shows this month for Nubuk… and he’s growing up to be a very BIG puppy! Ask if you want a photo!  Tracey went to the mainland to study for and become a professional stager! She is now qualified to stage our listed properties to help our Sellers sell faster and at higher prices than the competition. It already worked, see the case study below!  Construction continues at Mike and Donna’s house… we’re so ready to move back to our bedroom… maybe by next month?

Case Study / Testimonial Letters
Mr & Mrs. B are long time Oahu residents. They watched their equity disappear in the mid 90’s and had gotten back into the Oahu market again several years ago. They planned to move mainland in a few years and were advised by their CPA to consider selling NOW to maximize their equity & go ahead to purchase the next home on the mainland NOW rather than in a few years.  We listed the home and VERY carefully priced it. Tracey staged it and we put our marketing plan into action!  Although there were many other homes on the market in their area, their home sold at full price in less than a week with The Stott Team.  An over full price Back-Up contract is also in place. They can rest easily now knowing their equity is safely in the next property and won’t be disappearing like during the mid 90’s.  If you think it’s time for you to consider a sale, please contact us.

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