2011 has been an interesting year for real estate on Oahu. The statistics have shown little ups and downs and periods of high and low activity. One common thread we have see throughout the year is lack of inventory; the interesting thing about this phenomenon is that prices usually go up when there are plenty of buyers and nothing to buy, but this time, it is a little different.
It seems that even though rates are great and prices are low, buyers may be in competition for a property, but they will not go higher and higher as they may have done in the past during periods of low inventory. It is quite fascinating to watch as a professional.
Buyers today are patient and although home ownership continues to be a goal of most adults, they are being cautious and prudent. If they do not win a bidding war, they wait for another ideal home to come onto the market and they try again. What they do not do is get into a bidding war frenzy and pay over market. Not to say I haven’t seen that at all—I have seen a few properties go for way more than the market says they are worth, but they are rare and far between.
Here are a few homes that sold quickly and for at or over asking:
1. This property (MLS# 1002032) was listed at $635,000 and received 26 offers. It sold in 4 days at a sales price of $670,000.
2. This property (MLS# 1015084) was listed at $599,000 and sold in 15 days for $655,000.
3. This property (MLS# 1015084) was listed at $629,000 and sold in 10 days for $650,000.
Real Estate has had some ups and downs, but sales have been strong in 2011. Now, we just need more inventory to sell. If you would like to sell you home, buy a home, or just have questions, email me email@example.com, or continue browsing for Hawaii Real Estate.
Kelly A. Lee, (R), e-PRO, CHMS
Hawaii Life Real Estate