Saturday, March 15, 2008

Real Estate Market Trends on Oahu Dec. 2007-Feb. 2008

For the 2nd month in a row, demand for lower-priced homes pushed down the median price of a single-family home on Oahu. The median price from December, 2007 through February, 2008 was $600,000, a 2% decline from a year ago, when it was $612,000.

The median price of a condo during the same 3-month period was $328,000, a 4% increase over last year, when it was $315,000.

However, sales of single-family homes fell more than 28% and condos fell 21% during the December-February period, compared to last year.

Reflecting the mainland real estate market, with a high inventory of depressed properties and short sales, buyers now are looking for a "deal" and know there are plenty of properties to choose from in the lower price ranges.

Contact me for full details on the real estate market on Oahu. I specialize in East Oahu and Hawaii Kai, and offer more than 20 years of experience and thorough real estate market knowledge of the Islands.

Barbara Abe
East Oahu Realty

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