Oahu Real Estate Update

“Real Estate News for Oahu” with September 2006 Statistics

Donna Stott — Wed, 04 Oct 2006 00:35:25 -1000

Published October 2006

Hawaii – Oahu – Real Estate Update
Oahu Median sales PRICE for a single family home that closed in September was $620,000 Down a bit from August’s $635K. One year ago (September 2005) the median was $615,000. The month of “crossover” where our median is lower this year than last is coming soon. If you are thinking of selling or buying, it’s a good time to do that!

NUMBER of single-family home that CLOSED ESCROW last month was 359 last month. HIGHER than the month before at 351… compared to July’s 379, June’s 368, May’s 374. September 2005 there were 448 sales.

Condos sold in August had a median price of $320,000 compared to August’s $305K, July’s $329K, June’s $310K, May’s $306K. One year ago the median was $287K. Still bouncing…

NUMBER of condo sales: There was a steep decline in the number of Oahu condos closed in September at 481. August had 580, compared to 498 in July, 641 in June, May’s 605. Sept last year was 764 closed condo sales.

News in The Stott Team…. Tracey Stott Kelley will take over writing this email each month and you can contact her at Tracey@stott.com Donna and Mike Stott have taken fabulous jobs with a mainland real estate training company and leave the Team October 20th. Tim, Tracey, George and Mary Lou will take good care of all your real estate needs along with our wonderful Team Staff!

Other News to Note Now:
Pending Figures came back up again! Looks like Nationwide, we are stabilizing already! Good news….
http://www.realtor.org/RMODaily.nsf/pages/News2006100201?OpenDocument

Waikiki’s Trump Tower is coming in 2009. We have 19 registrations for clients buying units. If you want to get on the “wait list” for a unit email me right away at: Donna@stott.com

Oahu Total Inventory – September listed only 587 homes added to the inventory compared to 655 in August, 642 in July, 691 June, 688 May, and 590 in April. Still PRETTY CONSISTENT. Total Inventory is STILL climbing and stands at 2005 for homes. One year ago, that was 1205. Condos new on-market were also down at 813 from August’s 903, July-924, 921-June, 987-May. Every month is a new record and right now we have 2750 condos for sale in September… compared to last year’s 1296. Consitently more condos for sale since June of last year…since April for homes… and still growing.

If you are a BUYER, there is a LOT to choose from and at great interest rates! Time to shop and buy is NOW! It’s finally a great time to BUY again!

Months of Remaining Inventory –Median went up to 5.71 in houses and went down to 4.7 in condos. Last year same month we had only 2.6 in homes and 1.6 in condos. So, sellers, realize it will take double/triple the time to sell…upper ranges those #’s are much higher. Over $1M in homes was MEDIAN 11.9 months to sell at the current sales rate. In condos over $500K the median time on market is 8.3 months.

Oahu’s Days on Market (DOM) – In September 2005 it took 22 days (median) to sell a home, this month it’s 48. In September 2005 it took 16 days to sell a condo, today it’s 42. So half sell faster and half take LONGER than that. Plan well in advance if you want to sell this year or next…. It will take a lot of time and possibly many price reductions if it does not sell quickly.

If you want the stats for any specific area, simply ask! Email me at UpdateMe@stott.com
If you are thinking of Buying OR Selling, there is no better time than NOW.

Mahalo for reading our 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

“Real Estate News for Oahu” with August 2006 Statistics

Donna Stott — Sat, 16 Sep 2006 13:30:53 -1000

Published September 2006

Hawaii – Oahu – Real Estate Update
Oahu Median sales PRICE for a single family home that closed in August was $635,000. July was $660K, June $639K. Bouncing around all year. One year ago (Aug 2005) the median was $625,000, so again, my bet is we “crossover” before end of the year on a month where our median is lower this year than last… but it hasn’t happened yet! Still a great time to buy or sell!!

NUMBER of single-family home sales: There were 351 homes CLOSED on Oahu in August compared to July’s 379, June’s 368, May’s 374. Next month tells the tale: August 2005 there were 455 closings…

Condos sold in August had a median price of $305,000 compared to July’s $329K, June’s $310K, May’s $306K, April’s $296,400, and March’s $312K. One year ago the median was $282K. Still bouncing…

NUMBER of condo sales: There were 580 Oahu condos closed in August compared to 498 in July, 641 in June, May’s 605, April’s 584 and March’s 696. The peak high was 831 last August.

Other News to Note Now:
Pending Figures are reflecting the changing Market on a National basis:
http://tinyurl.com/zv9pk

Waikiki’s Trump Tower is coming in 2009, BUT to get a unit reserved, you need to contact us right away and be willing to put a refundable $20K deposit down by September 25th this year. If you want me to represent you, I have ALL the info, have been to the showroom and site, can get you the rather impressive extra large brochure and get you registered… If you are interested call or email me: Donna@stott.com

Oahu Total Inventory - In AUGUST on Oahu, 655 newly listed homes were added to the inventory compared to 642 in July, 691 June, 688 May, and 590 in April. PRETTY CONSISTENT. Total Inventory is STILL climbing and at 1937 for homes. One year ago, that was 1060 (the climb began about April last year actually). Condos new on-market are 903 compared to 924 last month, 921-June, 987-May and 850 condos added in April. The previous cycle’s highest total condos for sale number I have is 1613 in May 2001. We’re 1000 over that previous with 2707 condos for sale in August… compared to last year’s 1097 in August. Wow.

If you are a BUYER, there is a LOT to choose from and at great interest rates! Time to shop and buy is NOW! It’s finally a great time to BUY!!!

Months of Remaining Inventory – Median REMAINED at 5.1 in houses and went up to 5.4 in condos. Last year same month we had only 2.5 in homes and 1.6 in condos. So, sellers, realize it will take over double/triple the time to sell…upper ranges those #’s are much higher. Over $1M in homes was MEDIAN 14.9 months to sell at the current sales rate. In condos over $500K the median time on market is 8.8 months.

Oahu’s Days on Market (DOM) – In July 2005 it took 21 days (median) to sell a home, this month it’s 49. In July 2005 it took 14 days to sell a condo, today it’s 42. So half sell faster and half take LONGER than that.

If you want the stats for any specific neighborhood or area, simply ask! Email me at Donna@stott.com

If you are thinking of Buying OR Selling, there is no better time than NOW. The market is stabilizing with prices hovering in the $600’s and interest rates pretty stable now that the Fed has backed off…. More inventory to choose from and at good rates, you can’t beat it! Take advantage NOW by selling or buying today! Email me at: Donna@stott.com

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

"Real Estate News for Oahu" with July 2006 Statistics

Donna Stott — Sun, 13 Aug 2006 16:30:09 -1000

Published August 2006

Hawaii – Oahu – Real Estate Update
Oahu Median sales PRICE for a single family home that closed in July 2006 was $660,000. Compare to June’s $639,000, May’s $668,300 April’s $615K, March’s $650K. Bouncing back and forth, isn’t it?? One year ago the median was $599,000. Anyone want to make a bet on where the “crossover” occurs?

NUMBER of single-family home sales: There were 379 homes CLOSED in July compared to June’s 368, May’s 374, April’s 332 & March’s 392. Next month tells the tale: August 2005 there were 455 closings…

Condos sold in JULY had a median price of $329,000 compared to June’s $310K, May’s $306K, April’s $296,400, and March’s $312K. One year ago the median was $270K. I’m betting more than 4 months to “crossover” in condos.

NUMBER of condo sales: There were ONLY 498 condos closed in JULY compared to 641 in June, May’s 605, April’s 584 and March’s 696. The peak high was 831 last August. Condo sales a year ago – 684.

Other News to Note Now:
For those of you that need a Hawaii school Calendar that includes all the schools, click here for the link to that info: http://165.248.6.166/data/calendars0607.asp

Good News Regarding Interest Rates: http://tinyurl.com/zva4u

Do you rent your property for less than 180 days? Then you owe 7.25% TAT on the rent each month… Did you know that? Ask me for more info: Email: Donna@stott.com

Waikiki’s Trump Tower is coming in 2009, BUT to get a unit reserved, you need to contact me right away and be willing to put a refundable deposit down by September 25th this year. A meeting I attended this week had over 500 agents… each with several interested clients. More interest than units for sale! I have ALL the info, have been to the showroom and site, can get you the rather impressive extra large brochure and get you registered… If you are interested call or email me: Donna@stott.com

Oahu Total Inventory - In July on Oahu, 642 newly listed homes were added to the inventory compared to 691 June, 688 May, and 590 in April. Total Inventory is STILL climbing and at 1885 for homes, is the highest ever. One year ago, that was 958! Condos new on-market are 924 compared to 921-June, 987-May and 850 condos added in April. The previous cycle’s highest number I have a record for is 1613 in May 2001. We’re 1000 over that previous with 2634 condos for sale in July… compared to last year’s 1001, same month.

Months of Remaining Inventory – ALSO CLIMBING. Median is now at 5.1 in houses and 4.1 in condos. Last year same month we had only 2.2 in homes and 1.4 in condos. Over double/triple the time to sell…upper ranges those #’s are much higher. Over $1M in homes was 10.7 last month and up to 15.4 months of remaining inventory at the current sales rate. In condos over $500K last year meidan time was 3 months, today it’s 7.8 months of remaining inventory.

Oahu’s Days on Market (DOM) – In July 2005 it took 21 days (median) to sell a home, this month it’s 43. In July 2005 it took 13 days to sell a condo, today it’s 38.

If you want the stats for any specific area, simply ask! Email me at Donna@stott.com

What have the Stotts and Kelley’s been up to:
This month we celebrated George and Mary Lou’s 50th wedding anniversary with a trip to Vegas for a renewing of their vows… with Elvis. All 3 kids and their spouses were in attendance and it was fantastic 4 days including the brand new Beatles Love show and Danny Gans! Many wonderful meals too and lots of fun for all of us. Mike celebrated his 44th birthday while we were there as well!

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

“Real Estate News for Oahu” with June 2006 Statistics

Donna Stott — Sat, 08 Jul 2006 20:46:40 -1000

Published July 2006

Please check out the Case Study at the bottom of the page – could make you $$$

Hawaii – Oahu– Real Estate Update
Oahu Median sales price for a single family home that closed in June 2006 was $639,000. Compare to May’s $668,300 April’s $615K, March’s $650K. One year ago the median was $593,300. We are getting close to the month that will “cross over” - where this year’s median falls below last year’s. This is the beginning of the end of the up cycle. Also realize, those sales that closed in June were largely made in April. We may see some continued fluctuations but the trend is flattening or down. That said, you CAN still ride this wave and get your equity out before we “cross over” last year’s figures. Let us help you do that! We are studying the market every day and it’s still a good time to buy, so we CAN sell your property! If interest rates rise more (about 6.75% today compared to 5.5% a year ago) and that costs a buyer a LOT. (See Case Study below) --- Could be a large part of the reason we’re flattening.

NOTE TO INVESTOR OWNERS: If you have equity in your property here and do not want to take the RISK of “let’s wait and see” the time to act is NOW. Let me explain… If you have $500,000 of equity today that you can pull from your investment property, you could be making an income from that of $35,000 per year using a 7% return. The question is… Is YOUR positive cash flow even approaching that? And how is your property’s condition? Are you in need of an expensive re-do? Another advantage to moving your equity is to buy a newer investment with fewer maintenance costs. Why take the risk of “waiting to see” in this changing market? If you want to know where you can do a 1031 Exchange into property earning 5-8% cash-on-cash returns, WE CAN HELP YOU DO THAT. To become wealthy in real estate, you must move your money (your equity) when the timing says to do so. It’s time. If the market drops 20% and in my scenario above, you lose $100,000 in equity. If you sell then, your cash-on-cash returns on the $400K remaining (using the same 7%) gives you $28K/yr. A loss of $7K/yr in income. So… why wait?

The number of single-family home sales is down 16.4% over last year. CLOSED sales of homes in June was 368. Our May sales (opened escrows) were startlingly lower too… which was also a national and local trend… you will see the results of THOSE stats show up in July and August’s statistics. ***DON’T WAIT FOR THE PUBLIC to get the news and the competition gets even stiffer! *** Compare June’s 368 to May’s 374, April’s 332 and March’s 392. One year ago that number was 440.

Condos sold in JUNE had a median price of $310K compared to May’s $306K April’s $296,400 and March’s $312K. One year ago the median was $264K. Probably a while to “cross over month” in condos.

There were 641 condos closed in JUNE compared to May’s 605, April’s 584 and March’s 696. Nowhere near the high of 831 last August. Number of condo sales a year ago – 703. Condos generally follow the housing market so there is still time to get out at peak prices!

Other News to Note: Pending Index tracked by the National Association of Realtors showed nationwide the Pending (in escrow) properties are 10.1% down from same month last year. West part of country is down 12.9% from same month last year. Interestingly, homes in Canada are UP 14.2% in Canada 2nd quarter over last year. Those Pending numbers will show up in Lower Solds in 2-3 months. Watch for that news then!

Oahu Total Inventory - In June on Oahu, 691 newly listed homes were added to the inventory compared to 688 last month, and 590 in April. Inventory is climbing. Condos new on-market were 921 compared to 987 last month and 850 condos added in April. Total single family home inventory is at 1836. Last month that number was 1722. Another signal to SELL NOW. The previous cycle’s highest number I have a record for is 1613 in May 2001, which we are WAY over. Condos were at 2582 in June compared to last month’s 2413.

NOTE: Those figures compare with last year this same month of only 879 homes and 988 condos on the market, or way over double last year’s inventory. Makes things MUCH better for Buyers in this market compared with last year! Supply and Demand changing...

Months of Remaining Inventory – Median is now at 4.9 in houses and 4.3 in condos. Last year same month we had only 2.4 in homes and 1.4 in condos. So it takes more than double the amount of time to sell, on average. For upper ranges those #’s are much higher. Over $1M in homes is 10.7 months. In condos over $500K it’s 8.8 months.

Oahu’s Days on Market (DOM) - June houses came in at 50 DOM median. For condos that is 39 compared to 38 last month and 32 the month before. A year ago it was 15 for houses and only 16 for condos.

If you want the stats for any specific area, simply ask! Email me at Donna@stott.com

Case Study: A Buyer mortgaged $1M last year about this time and obtained a 5.5% interest rate with a PI payment of about $5650/mo. If that buyer wanted that SAME payment this year, they could only afford to mortgage $876,317 at today’s 6.75%. That’s right… Assuming buyers can afford what they could last year on a monthly basis, they can’t afford the same house price that they could last year. In fact, in the example I gave above, they can only afford 87.6% of last year’s prices. That means a house worth $1M last year may only worth $876K today assuming the buyer can afford the same per month. Some experts are saying the rate could go to 7 or 7.5 by end of this year. That could mean a further decline in prices here in Hawaii due to the large average prices.

If you are thinking of selling, there is no better time than NOW. Getting your equity out of your home or investment now is your best way to insure that you keep that equity. Let us know if you want us to spend the time to analyze what your property is worth now, please let us know. Or if you want to buy, do it now while inventory is high and before the rates rise again! Email me at: Donna@stott.com

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

If you want the stats for any specific area, simply ask! Email me at Donna@stott.com

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

"Real Estate News for Oahu" with May Statistics

Donna Stott — Wed, 07 Jun 2006 12:07:26 -1000

Published June 2006

Hawaii – Oahu – Real Estate Update
Oahu Median sales price for a single family home that closed in May 2006 was $668,300. Compare to April’s $615K, March’s $650K. One year ago the median was $610K. An economist we talked to recently said the median will go up for a while, even though the market is flattening and even dropping in the upper price ranges, due to rising prices in the lower end to come up to the median. In Kailua for example, prices dropped 6.5% first quarter of 2006 to first quarter 2005. So, homes priced in the lower half of the market may still be rising while the upper market is coming down.

The # of sales of homes in May was 374. Compare to April’s 332 and March’s 392. One year ago that number was 366, which was a low month last year.

Condos sold in May had a median price of $306,000 compared to April’s $296,400 and March’s $312K. One year ago the median was $265K.

There were 605 condos closed in May compared to 584 in April and March’s 696. Nowhere near the high of 831 last August. Number of condo sales a year ago – 692 in May 2005.

Oahu Total Inventory - In May on Oahu 688 newly listed homes were added to the inventory, compared to 590 last month and 632 in March. Condos new on market were 987 compared to 850 condos added last month and 1006 in March. Total inventory is at 1722 homes. The last 4 months we reached peak in inventory and it continues to grow. The previous highest number I have a record for is 1613 in May 2001. Condos were at 2413. In December we started peaking in condos going back to before 2001 as well. NOTE: Those figures compares with last year this same month of 854 homes and 935 condos on the market, or way more than DOUBLE last year’s inventory. Can you say supply and demand? Our supply is getting really high.

Months of Remaining Inventory – Median is 5.2 months of remaining inventory in homes and 4/1 months in condos compared to last year same month of 2.0 in homes and 1.2 in condos.

Oahu’s Days on Market (DOM) - May houses came in at 52 DOM, compared to 42 and 44 last 2 months and 38 for condos compared to 32 and 30 last 2 months. A year ago it was 17 for houses and only 15 for condos… very close to the all time low. Anything was selling and selling FAST. Big change.

If you would like to see what’s sold or listed anywhere please email us at: UpdateMe@stott.com

Real Estate and other NEWS
Hawaii’s largest residential hurricane insurance company has decided to not sell any more policies for many older homes in Hawaii. Zephyr Insurance, Inc. which insures about 70,000 homes now, has new guidelines that prohibit new policies to be written for: Single-wall construction homes, homes built before 1981 (unless retrofitted with hurricane clips to meet code in 1993-1994 building code), all homes in flood zones (that do not have proof of flood insurance), and homes within 2500 feet from the ocean. This should not affect existing policies but could cause problems with purchases of homes that need insurance to close or get a mortgage. State Farm has said they can write polices and do not use Zephyr, however, one State Farm office told me yesterday that they cannot write ANY new policies until approx. Aug/Sept due to the number of policies maximum they can write in a given period of time… so it sounds like they are overrun right now too. A new company, Dongbu Insurance Company, is the third largest property and casualty insurer in South Korea and they are accepted by at least one major lender in Hawaii that I know of. According to that lender “They have an A.M. Best Rating of A-(Excellent) and they are licensed to do business in the State of Hawaii. They offer fire, hurricane, and personal property insurance coverage. Their policies are issued through Atlas Insurance Agency, Business Insurance Services, and Pyramid Insurance Centre.” I have not heard of any closings delayed due to this change thus far. You may want to check the State of Hawaii, Department of Commerce and Consumer Affairs website which provides consumer information on homeowner insurance (http://www.hawaii.gov/dcca/areas/ins/consumer).

Today on Kailua Beach a large (about 9’) Hammerhead Shark beached itself. Mike Stott happened to be in the area and I have photos if you’d like them! Email me at Donna@stott.com and ask for the Shark pictures…

Mahalo for reading our 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

“Real Estate News for Oahu” with April 2006 Statistics

Donna Stott — Thu, 04 May 2006 12:32:38 -1000

Published May 2006

Hawaii – Oahu – Real Estate Update
Oahu Median sales price for a single family home that closed in April 2006 was $615,000. Compare to February’s $613,500 and March’s record high of $650K. One year ago the median was $545K.

The # of sales of homes in April was 332. Compare to March’s 392 homes. One year ago that number was 418. 21% fewer sales this year.

Condos sold in April had a median price of $296,500 compared to March’s $312K and February’s $315K. One year ago the median was $243K.

There were 584 condos closed in April compared to March’s 696 and February’s 487. Nowhere near the high of 831 last August. Number of condo sales a year ago – 754 same month. 29% less sales. Ouch.

Oahu Total Inventory - In April on Oahu 590 new homes were listed, compared to 632 last month, and 850 condos went on market compared to 1006 last month. That is a good sign for stabilizing some. Total inventory remained very close to even for the first time in a long time with 1644 houses on the market now (1642 last month), and condos were at 2278 (2248 last month). That compares with figures last year this same month of 814 homes and 940 condos. See why things are stabilizing? Double the inventory and sell sales!

Months of Remaining Inventory – Median is 4.2 months of remaining inventory in homes and 3.3 months in condos… This is better than last month with the fewer new listings taken making a huge difference there. Again stabilization.

Oahu’s Days on Market stabilized a bit too… April houses came in at 42 compared to 44 last month and 32 for condos compared to 30 last month. A year ago it was 19 for houses and 22 for condos…

If you would like to see what’s on the market in ANY area, email us at: UpdateMe@stott.com

A real estate Joke if you need a laugh: http://stott.com/your_home.html

So…What else has The Stott Team Ohana been up to?
Donna and Mike continue remodeling. Wondering if it will ever be done… Ah, the joys of new plumbing. Ask about our new shower! They also attended a real estate training in LAKE LasVegas last month, has anyone else been there? Totally great! --- Tracey and Tim are in the process of trading a lower producing income property to a high producing one, increasing the return on their equity by a TON! They have several offers out now. Ask them about it! --- George and Mary Lou’s puppy Nubuk is now a pesky (and very large) toddler… he survived the month despite his pesky antics of getting medicine out of a cabinet (for the other dog Coco) and eating it all… After a night at the vets, he’s doing fine. “Mom and Dad” barely survived the stress! We also celebrated Admin Assistants Week with a party at Pinky’s for the staff. Lots of fun!

Case Study / Testimonial Letters
Mr. and Mrs. K owned several units here on Oahu. They were getting positive cash flow and had been happy with the investments, which had been building equity rapidly the last few years. When we helped them calculate their return on their equity though, they were very surprised to see it had dropped to less than 4% return. By moving this equity to a couple of growing areas on the mainland, they were able to get over 10% return on their equity without any dollars out of pocket. In an area of rising prices, so the equity is growing again, rather than risk another downturn in the Hawaii real estate market. If you would like us to help you calculate YOUR return on equity, please email me at EquityReturn@stott.com

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

“Real Estate News for Oahu” with March 2006 Statistics

Donna Stott — Wed, 05 Apr 2006 14:07:56 -1000

Published April 2006

Hawaii – Oahu – Real Estate Update
Oahu Median sales price for a single family home that closed in MARCH was $650,000. ALL TIME RECORD HIGH. Compare to February’s $613,500. This compares to March 2005’s median of $550,000. The # of sales of homes also jumped dramatically in March… to 392 homes. 377 sold in March one year ago. Do I think these prices will last? Not based on the inventory rising, days on market and # of price reductions occurring. This may be the peak month for single-family home prices for a while. Note that these were sales made in January for the most part. I think we will see the coming months will bring some lower prices unless they are swayed by several new developments that sold up to a year ago finally closing escrow. We’ll have to wait and see!

Oahu Condos sold in March had a median price of $312,000 compares to February’s $315,000. Condo market still strong and didn’t go down far from last month’s all time high. 696 condos closed last month compared to February’s 487. Still nowhere near the high of 831 last August. Number of condo sales this month 2005 were 677.

Oahu Total Inventory - In March on Oahu 632 new homes were listed, compared to 593 last month, and 1006 condos went on market compared to 904 last month. Total inventory continues to grow with 1642 houses on the market now, and condos were at 2248 end of March. So, 392 sold out of 1642. And 677 condos sold out of 2248… That compares with figures last year this same month of 847 homes and 1029 condos. See why prices when up last year? Over double the condos on market and almost double the homes.

Months of Remaining Inventory – Median is 6.6 months of remaining inventory in homes and 4.6 months in condos… This will have an effect on prices soon or later. For homes priced over $1M there are 12.7 months of and for condos over $500K it is taking 8.8 months to sell.

Oahu’s Days on Market also continues to rise… March was 44 for homes (rising each month since Oct) and 30 for condos… Note: June 2005 was our low (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

So…What else has The Stott Team Ohana been up to?
The Kelley family vacationed in Waikiki this spring break and had a ball. Tim, Mark, Ashley, and even Tracey took surf lessons and stood up quite a few times on the surfboards. Let us know if you need a picture for proof. They highly recommend the Magic show and Circ de Hawaii; both kids and adults were amazed. Last month brought sad news…their pet chameleon passed on and they are contemplating what new pet to bring into the house. They also just sold one investment property and are buying a new one via a 1031 exchange with the company that provides locations to invest in. Ask us about it!
Mike and Donna spent most of March at various local Auctions! Sunshine School, LeJardin, and then the Kailua Chamber of Commerce to top off the month. See Windward People Section March 29, cover photo! They are off to a real estate training retreat in Nevada April 4-9th, back to work the 10th. They still are hoping to move into their remodeled bedroom/bath soon! It’s been quite a project. Will be nice when it’s finished!
George and Mary Lou are both doing great and enjoying their remodeled home where they will be hosting the entire clan on Easter! They continue to train and show their new (very large) puppy. He’s an adventure all by himself!

Case Study / Testimonial Letters
Dear Stott Team, We are truly thankful for all you did to help us sell our home. Your expert pricing strategy and staging of the home made all the difference and allowed us to sell in a month where few sales were occurring. And at a great price too! Expert marketing and professional closing staff too. Escrow went super smooth. We will definitely recommend you to our friends and neighbors here on Oahu. Great job!
Mr. and Mrs. B, Kailua home-owners

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

"Real Estate News for Oahu" with February 2006 Statistics

Donna Stott — Tue, 07 Mar 2006 23:21:44 -1000

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

“Real Estate News for Oahu” with January 2006 Statistics

Donna Stott — Sun, 05 Feb 2006 22:21:46 -1000

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

Quick Post for You:

Donna Stott — Tue, 17 Jan 2006 08:19:26 -1000

Report by CNNMoney.com on what markets in the US are overvalued at this time and by how much. Honolulu shows 31% over but it’s not bad compared to some that show as much as 84% overpriced!!!
Worth your time to take a look: http://tinyurl.com/cdb9u

Donna Stott