MARKET REPORTINTEGRITY - HONESTY - EXCELLENCE
A part of our unrivalled experience includes displaying the current state of the market for buyer and seller awareness.
Dear Pat,
I want to express my appreciation to you for the extraordinary job you did in the marketing and sale of my Aukai residence. The path was a long one, but you persevered through all of it. You really did go above and beyond what could reasonably be expected in the process. There were more stops and starts along the way than I could have ever imagined, the events of 9/11 were a particularly difficult challenge to overcome...
Average Sales Price Per Transaction for the Top 7 Brokers in Sales Volume for 2007
View Larger Graph
As part of Choi's commitment to excellence, our Market Report ensures that each client has access to the most up-to-date real estate market information for their specific needs. Buyers and sellers can obtain current information and statistics that allow them to stay apprised of market developments, alert them to dynamic trends, and ultimately enable them to make practical, informed decisions on their investments.Click here to view the latest Honolulu Board of Realtors' MONTHLY STATISTICAL REPORT which analyzes residential resale activity on the island of Oahu.
NOVEMBER 2008 STATISTICS FOR LUXURY SINGLE FAMILY RESIDENCES - HONOLULU, HAWAII
Overview of the Market – November continued to be a slow month for new transactions, due in large part to the unprecedented economic conditions. Whether there is a lasting slowdown in the market remains to be seen. There are significant differences in the neighborhoods, so specific market information should be obtained from a capable professional. For the luxury segment of the market, the number of sales in November (the result of transactions that started in September and October) were substantial.
Area Neighborhoods – HBR Monthly Statistical Report for November 2008 (released December 1, 2008)
Each month, the Honolulu Board of Realtors issues a statistical report analyzing residential real estate activity on the island of Oahu. In addition to the general islandwide statistics, following is information for select individual neighborhoods:
Waialae/Kahala – See page 6 of Monthly Statistical Report
Comparing November 2007 to November 2008, there were 50% fewer sales, but the median price for a home in 2008 was up 37.6%. The year to date statistics for January through November 2007 versus January through November 2008, show the median price for the neighborhood was up 3.5% with 26.8% fewer sales. The small number of sales during November of 2008 probably skewed the sales information, but the year to date statistics clearly are contrary to the national statistics.
Diamond Head – See page 6 of Monthly Statistical Report
The statistics are not specific (as provided by the Honolulu Board of Realtors), since the Diamond Head area (a high end neighborhood) is mixed into the Kapahulu area (a moderately priced neighborhood). For the Kapahulu-Diamond Head area, the median price similarly increased by 24.2% compared to the same month in 2007. For the year to date (January through October 2007 compared to 2008), the median price decreased by -3.6%.
Kailua-Waimanalo - See page 6 of Monthly Statistical Report
November 2007 compared to November 2008 had a -11.6% decrease increase in the median price. Comparing January through November 2007 to the same period in 2008 shows a decrease of -4.3% in the median price.
Other Specific Neighborhoods – There is no substitute for market information from people who are qualified and who know your market. The best way to view a specific neighborhood is to have your agent prepare and review a Comparative Market Analysis with you. For example, the MLS service permits us to do searches within very discrete neighborhoods, like Kahala, Black Point, Diamond Head, Lanikai, Kailua Beach and others.
Relative to the overall Oahu market, according to Harvey Shapiro, the Research Economist for the Honolulu Board of Realtors, “The demand for housing sales was the lowest in ten years but, interestingly, the inventory of both single-family homes and condominiums actually contracted a bit last month. This lack of inventory buildup indicates a slowdown in our market rather than a collapse as some Mainland cities have, unfortunately, experienced. ”
The statistics in luxury neighborhoods seem to be better than the overall Honolulu market and much better than mainland markets. Given the difference in the luxury neighborhoods, it is apparent that Buyers and Sellers need detailed market information from people who specialize in luxury real estate. Choi International’s agents have accrued the highest per sale average of the 5 largest companies in Honolulu, based on their market knowledge. For further information, please contact us at hawaii@choi-realty.com.
It has been our experience that the neighborhoods that we concentrate on are less volatile than the market as a whole, reflecting the worldwide demand for spectacular properties in outstanding locations. One would not know that without the guidance of agents familiar with and having a track record in such neighborhoods. We look forward to providing further information to you upon request.
