Oahu prices up; Homes staying on the market longer
The Advertiser reports that although prices continue to rise, there are signs that a buyer's market is coming:
In June, an average home was on the market for 50 days in June compared with 15 days a year earlier. The number of homes on the market totaled 1,836, or more than double June 2005's number.It's still got far to go, but it looks like the tide is definitely turning on Oahu."It's not so much of a seller's market anymore," said Harvey Shapiro, the board's research economist. He said it's now uncommon for buyers to offer over asking price for a property, something that occurred frequently last year.
"We peaked in the third quarter of last year, and we're coming down to more sustainable levels. The last few years have been a frenzy."
posted by AlohaBubble @ 6:13 PM
2 comments
2 Comments:
From http://realtytimes.com/rtmcrcond/Hawaii~Kahala~reu2_rossmbrown
"Kahala: The median sales price for a single-family home in the neighborhoods Waialae and Kahala in June 2006 was $1,035.000 , representing a 56.3% decrease in the number of homes sold and a 27.4% decrease in median sales price. The Year-to-Date number of homes sold is down 28.7% with a 3.7% decrease in the median sales price."
There's a huge inventory of $2 million+ homes on the market right now in Kahala/Diamond Head -- more than have sold in the past year. Prices are starting to get slashed left and right, but none have sold since May. Prices on high-end homes are falling and have far more to go.
Thanks for posting this. That site is a great resource and I'll keep checking for updates.
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