This map depicts the % decreases in Average For Sale and Average Sold Prices around the Island for 2nd. Quarter ’08 vs. 2nd. Quarter ’09.
This map depicts the % of inventory in Escrow with a Just Accepted Offer as well as the Average For Sale and Average Sold Prices for both Single Family Homes and Condos for the month of June.
The ACS% has dropped since last month and I am really surprised about this considering this is the height of the selling season when homes should be selling at their highest levels. Right now only 8% of the inventor is in escrow with a Just Accepted Offer.
This map shows the most popular selling Condos in Waikiki with the ACS% and Average For Sale and Sold Prices.
The good news is that that Median Sold prices for Waikiki Condos has dropped and continues to drop because there is ample inventory in the lower price ranges which is exactly where most buyers are choosing to purchase.
As you can see, sales are way off. This is not a good sign for Waikiki as sales are supposed to be at a high level this time of year.
Even worse news for Waikiki is the inventory. It has not appreciably declined much at all. The rest of the Island we can see a much steeper drop in inventory.
The Median For Sale Price has been dropping and this is good news for buyers.
The inventory priced between $100,000 and $399,999 is pretty evenly spread. We can see that not much has changed between the 1st Quarter of ’09 and 2nd. Quarter ’09 in the For Sale Pie charts.
I hope you have enjoyed this report. If you have any questions please either call or email me.
I like to deal with facts as this allows me to deal effectively with both buyers and seller. I think that most agents do not know exactly what is happening in the market and you, reader are fortunate to have found these reports!
I wish you much Aloha,
Mike Gallagher, Broker in Charge, RE/MAX Honolulu
Ethics Complaints Review Committee Member
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