Wednesday, May 31, 2006

Oahu sales slow

New homes sales have slowed to less than half the volume of the last two years, Pacific Business News reports:

First quarter new home sales on Oahu slowed to 282 units, less than half of the volume of the past two years.

"This is thanks to limitations on supply," said Ricky Cassiday, who tracks Oahu new home sales for Central Pacific Bank. "Builders have not been able to produce at the same pace as demand."

Prices are still up over last year, however:
Average list price: $552,619, up more than $89,000 from a year ago.

Move in! Please, move in!

KHON in Honolulu reports that rents are falling:

Prices are still high -- but there's been a definite change recently in the overall rental market. Fewer renters are knocking on the door, and landlords are having to try harder make a deal.
The landlord featured in this article says:
"If it works, great, if it doesn't work, well you know, you'll see it on the market. We'll sell it," she said. "Life is just an adventure, and you move on... or move in. Move in! Please, move in!"
Who exactly is she planning on selling to? The other thousands of flippers who will be stuck with houses they can't afford?

Rents are dropping in Hawaii, but that doesn't mean inventory will last forever. Find an apartment NOW!