Thursday, July 06, 2006

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 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."

It's still got far to go, but it looks like the tide is definitely turning on Oahu.


At 2:24 PM, Blogger GreatTrades said...


"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.

At 3:00 PM, Blogger AlohaBubble said...

Thanks for posting this. That site is a great resource and I'll keep checking for updates.


Post a Comment

<< Home