REAL STORY ON HAWAII REAL ESTATE MARKET

Aloha,
At the Windward Regional Meeting of the Board of Realtors that I attended, Harvey Shapiro, the Honolulu Board of Realtors Resident Economist spoke about the real story on Hawaii real estate market. He addressed the misconception sometimes published as headlines in our local paper that the "bottom is falling out" of our current market. Good news, it is not! The somewhat reduced demand for housing has stabilized this market making it better for Buyers and still a good time to sell for Sellers! While the median sale price for single family homes, in 1st Qtr. 2007, is $620,000 on Oahu, it is a change of only 0.8% in the median price for same same Qtr. in 2006. However, there were 865 single family homes sold in 1st Qtr. 2007, compared to 943 in the 1st Qtr. 2006, a change of 8.3%. This change can be attributed to less affordability and changes that have occurred in the lending patterns. In the early 2000's 85% of the loans were ARMS! Today, ARM rates are not as attractive as fixed rates and therefore less people are able to qualify for fixed rate loans.
I will share more with you in future blogs on the current state of the real estate market. I hope you find this information helpful and visit us often to learn more. To view properties for sale, please select "REAL ESTATE SALES "on the Trinity Properties website.
Until the next time.. our warmest aloha to you!
Mary Farkash for Trinity Properties
808-247-7521