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March Real Estate Prices Down on Oahu

You know the saying that goes “all is relative?” Relative to 2010, Oahu condo and home sales are in a slump. Existing home sales were down 2.4% and condo sales down 8.1%. The median sales price for homes were down 8.6% to $548,500 and condos were the glimmer of light up 1.6% to $315,000. That’s the bad news.

The good news is relative to other parts of the country, our market is still “relatively” healthy. The average days on market for a home to sell in March was 41 for homes and 46 for condos. In addition, one strong sign for our economy is that Honolulu’s unemployment rate is relatively low at 8th lowest in the nation.

This Makakilo home (MLS# 1100044) is asking $500 more than March’s median price of $548,500

What neighborhoods were hot in March?

What neighborhoods were not hot in March?

As always, all real estate is local. To find out what’s happening in your neighborhood, contact one of our great Realtors on Oahu to see what’s going on in the market, and if now is the time to buy or sell.

* Ala Moana-Kaakako actually had the largest drop in home sales and prices, however, the data is skewed with only one sale due to very little homes in that neighborhood (primarily all condo product).

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Mark Brian

April 15, 2011

With market statistics like the ones you shared, it makes me scratch my head as to why more people are not buying. I have only had the pleasure of visiting Hawaii once when my wife and I got married. But the people, climate and the beautiful surroundings made it a true dream and I am amazed that more buyers are not taking advantage of the market conditions.

Mark Brian

April 15, 2011

With market statistics like the ones you shared, it makes me scratch my head as to why more people are not buying. I have only had the pleasure of visiting Hawaii once when my wife and I got married. But the people, climate and the beautiful surroundings made it a true dream and I am amazed that more buyers are not taking advantage of the market conditions.

David Buck

April 15, 2011

@Mark – I agree. What happened in our last “flat market” in the mid 1990’s is we had over-corrected after the Japanese bubble. I see a little more of the same going on right now. There are buyers that aren’t seeing the value and will be kicking themselves 5 years down the road looking back when prices are higher…

David Buck

April 15, 2011

@Mark – I agree. What happened in our last “flat market” in the mid 1990’s is we had over-corrected after the Japanese bubble. I see a little more of the same going on right now. There are buyers that aren’t seeing the value and will be kicking themselves 5 years down the road looking back when prices are higher…

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