Good-bye 2006! Real estate values fluctuated, some up and some down and most residential properties took longer to sell. Commercial properties were in demand. Contrary to the predictions of many experts, the real estate bubble did not burst; it took a breather.
Single Family home prices on Oahu increased 6.8% from a median price of $590,000 to $630,000. The time to sell increased from 40 days to 60 days and the number of sales declined 12.5%.
Condominium prices on Oahu increased 15.2% from a median price of $269,000 to $310,000. The average time to sell doubled from 28 days to 56 days and the number of sales declined 15.2%.
What these numbers do not reflect is that many homes currently on the market have had price reductions and many are priced under comparable sales. If this situation continues it may result in some declines in prices in the first quarter of 2007.
The good news is that buyers are back in the market. Our Open House activity so far this year has attracted three times the visitors we had in the last quarter of 2006. If interest rates remain stable, we could be in for a robust 2007.
”’Walt Harvey (R), ABR, CIPS, CRB, CRS, GRI, SRES, e-PRO, QSC, RSPS, TRC -‘Walt & Arla Harvey are real estate brokers with East Oahu Realty. They specialize in residential, commercial and investment real estate and can be reached on their website: www.coastalhawaii.com. Have a real estate question? E-mail them at email@example.com or call 375-8959.”’