Beginning of the end?

Whew...it's been a rough year for sellers on Oahu. The Advertiser reports that many sellers are surprised at how fast the market has slowed:

Alicia and Jon Sturnick of 'Ewa Beach dropped the asking price on their Ocean Pointe house by $15,000 and are starting to get the uneasy feeling that they missed the peak of O'ahu's latest housing boom.

"If we had put it on the market earlier, we would have definitely sold it already," Alicia Sturnick said. "I knew the market would slow down but I didn't know it would happen so soon."

Last month, they lowered their asking price from $590,000 to $575,000, which positioned it well below January's median sale price of $615,000 for a single-family home.

In my Oahu neighborhood, I'm noticing For Sale signs sticking around longer and longer. There's one house on the corner that has sold twice in the 3 years I've lived here - both times in under a week - that has now been on the market since Christmas.