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How's the Hawaii Market Doing These Days?


How's the Hawaii market anyway?
For those of you who are wondering or asking, "How is the real estate market over there in Hawaii?"an interesting article comes from the Pacific Business Journal on their web site today. According to the article,

Honolulu had the highest rate of home price appreciation in the nation over the past year, according to new data. Home prices rose 14.79 percent in the Honolulu market, according to the September 2007 LoanPerformance Home Price Index released Monday by First American LoanPerformance.

Home prices fell in 17 states tracked by the index, with the Riverside-San Bernardino-Ontario market in California seeing the greatest drop, 13.59 percent. Although five states saw price appreciation of between 5 percent and 10 percent, Hawaii was the only market to experience double-digit growth.

The company's price index covers a total of 956 Core Based Statistical Areas and 659 counties in 50 states and the District of Columbia.
OK, so Honolulu is not Kauai however the market here is still quite good. There's plenty of good inventory, and sellers are sometimes becoming more motivated to be flexible in their negotiations. Some are offering to pay closing costs or buy down points which, of course, lowers your payments.

If you want to download the Kauai numbers for October, simply CLICK HERE

Comment balloon 4 commentsRonnie Margolis • November 28 2007 01:36AM

Comments

I was amazed how many agents thought prices had dropped.  The sales volume is down, but prices have been strong here.
Posted by Randy L. Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) almost 13 years ago
It's nice to balance the constant barage of doom and gloom in the market with some factual information that shows that our Hawaii market is holding strong. Of course, the report is about the Oahu market, there is usually not enough data in the neighbor islands market to make any major league press.

But similar probably to Oahu, there are neighborhoods holding their own, and other condo complexes where prices have corrected significantly in the last eighteen months or so.
Posted by Ronnie Margolis, Kauai Realtor - CDPE, ABR, RA - On Top of the Aloh (KW Kauai) almost 13 years ago
okay seems to give me a little comfort as I almost a new agent in honolulu
Posted by Whitney Yasso (Sliva Captial) almost 13 years ago
Hawaii is one of the areas that has resisted the strong price declines and Oahu, being an urban market, always has different types of buyers looking to purchase. The neighbor islands are still pretty much relegated to 2nd homes and retirees especially for the higher end of the market. Our market ebbs and flows with both the economy and the seasons. Good luck in getting some early sales as a new agent.
Posted by Ronnie Margolis, Kauai Realtor - CDPE, ABR, RA - On Top of the Aloh (KW Kauai) almost 13 years ago

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