Oahu housing market - June 2008

Statistics for June 2008 are published and Oahu home prices continue with their resilience.  While the number of units sold is down 31% from a year ago, median home prices have decreased just 8.8% compared with June 2007, a relatively small amount compared to markets in other places, such as California, Nevada and Florida.  Oahu's condo and townhome unit sales are down 35% with just a 1.9% decrease in sales prices versus a year earlier.

Why is our market so resilient?  For one thing, lots of people want to live in Hawaii.  We have a high demand for homes from current residents, plus a steady influx of people from Asia, Canada, California (yes, even at times like this) etc.  I can't blame them for wanting to live here, I've been in Hawaii for 28 years and don't plan on moving away.

Ups and downs in different neighborhoods

Keep in mind that some neighborhoods are seeing price upswings and others are seeing downswings to arrive at the 8.8% overall decrease in prices versus a year earlier.  The neighborhoods doing well are primarily in town and along the ocean.  Areas near downtown Honolulu are popular because they are close to employment and shopping centers. Hawaii Kai continues to do well thanks to great weather and nearby beaches.  Neighborhoods not doing as well include Ewa Beach and Waianae, both of which involve significant commuting time getting to downtown Honolulu. 

What to look for in Oahu's housing market

It's hard to find a decent home in Metropolitan Honolulu for less than $600,000.  If this pricing is in your budget and the convenience of living in town is most important, check it out and see what meets your needs.  Keep an eye out for deals, there are some short sale opportunities and outstanding buys.

Lower priced homes are available in Ewa Beach, Kapolei and Waianae.  With Oahu's mass transit system plan coming up, we can envision a day where residents of West Oahu have an alternative to getting on the highway and crawling through morning traffic getting to Honolulu.  When the transit system is complete, it will change Oahu's real estate market by creating new commercial sites and higher home values for people who have an alternative way for getting to work.

Contact Mike Bates for Hawaii homes

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