According to the California Associations of Realtors home prices in their state have dropped by 41%. This resulted in an 83% increase in home sales and DOM (Days on Market) fell from 69.3 days to 51.5. Hawaii generally follows California, but will Hawaii home sales follow The Golden State’s lead?
If you look at the Honolulu real estate market, the answer just might be “no”. In February, the price of a Honolulu home was down just 2.4% which is reflected in home sales which are down 19.1% over the same time last year. But Hawaii is made of of many different unique markets and according to David K. Choo of Hawaii Business we should, “think locally, (and) act locally“.
Take a look at Kauai real estate. The price of homes and condos slid by more than 40%. Other Hawaii markets have seen similar drops. Despite these heavy discounts, property sales in the islands continue at a sluggish pace. With historically low interests rates and Obama’s $8,000 tax credit we just might see a shift in the Hawaii real estate market – especially if we use California as a gauge.
Katie Minkus, R(B)
March 30, 2009
Aloha, Kauai… Katie Minkus from the beautiful Big Island here… I’m personally very excited about FNMA announcing last week it’s increasing the number of mortgages they will insure for property investors – from 4 to 10. That should help us tremendously to eat away at our REO and short sale inventory, so that we can get back to the business of selling a “normal” market – whatever “normal” is these days. In any event, it’s a move in the right direction – we are crucially dependent on investors picking up homes and condos and offering them for long-term tenant rentals – for our workers who support the hotels and other tourist related businesses all over the island – and especially along the Kohala “Gold” Coast. With luck, we’ll be seeing the results of this change soon!
Is anyone calling the “bottom” of the market yet??
Warm aloha,
Katie
Katie Minkus, R(B)
March 30, 2009
Aloha, Kauai… Katie Minkus from the beautiful Big Island here… I’m personally very excited about FNMA announcing last week it’s increasing the number of mortgages they will insure for property investors – from 4 to 10. That should help us tremendously to eat away at our REO and short sale inventory, so that we can get back to the business of selling a “normal” market – whatever “normal” is these days. In any event, it’s a move in the right direction – we are crucially dependent on investors picking up homes and condos and offering them for long-term tenant rentals – for our workers who support the hotels and other tourist related businesses all over the island – and especially along the Kohala “Gold” Coast. With luck, we’ll be seeing the results of this change soon!
Is anyone calling the “bottom” of the market yet??
Warm aloha,
Katie
Ron Margolis
March 31, 2009
Everything from California eventually makes its way to Hawaii. When the property values stabilize and the market improves in California, many of the folks who would love to own on Kauai will be more confident in owning on Kauai and throughout the state of Hawaii. This month, March, there are close to 50 new escrows. More buyers are sensing that this IS A GOOD TIME TO BUY Kauai Real Estate.
Ron Margolis
March 31, 2009
Everything from California eventually makes its way to Hawaii. When the property values stabilize and the market improves in California, many of the folks who would love to own on Kauai will be more confident in owning on Kauai and throughout the state of Hawaii. This month, March, there are close to 50 new escrows. More buyers are sensing that this IS A GOOD TIME TO BUY Kauai Real Estate.