I was speaking with Kelly Barnes‚ÄĒa HomeGain agent and Realtor who uses BuyerLink‚ÄĒover the weekend about the market in Hawaii and he graciously agreed to send me an update, which I‚Äôd like to share.
Hawaii Real Estate Market Update
Every year a large number of military families relocate to Hawaii. In addition a good number of people relocate in Hawaii just to live in paradise. The good news is the value of Hawaii‚Äôs residential properties are still holding strong, unlike many areas on the mainland which have seen dramatic decreases in recent times.
On Oahu, although the actual ‚Äúnumber‚ÄĚ of residential real estate sales has slowed down, overall prices have been staying fairly steady. For instance, the difference in values of single family homes between this time last year and now is only a decline of 4.4%. Sales of 740 single-family homes and 1,121 condominiums were recorded in the April-to-June period this year.
Compared to the same time period last year, the 2008 sales figures showed a decline of 28.6% for single-family dwellings and a 30.7% decrease for condos. When these second quarter sales numbers were compared to the first quarter, we saw increases of 10.0% and 8.1%, respectively, according to the Honolulu Board of Realtors. Continue reading this post