Market update for 9/12/2010
Aloha ,
Ewa Beach`s real estate market is picking up along with the entire state of Oahu . We are starting to see the market home price rise about 15% from this same time last year. The median home price for August 2009 was $560,000 which rose to $645,000 for a single family home on the island of Oahu. Also we did see fewer homes sales from this same time last year about a 6.2% drop from 239 August 2009 to 224 of August of 2010. What this means is that Homebuyers are buying up well priced homes due to our drop in inventory which is making home sellers are getting offers at or over their asking price. In the condominium arena we also have seen a rise in prices from this same time last year . August of 2009 median prices were $290,000 which rose this year of August to $307,500 up 6%. This is showing that are real estate market on Oahu is strentghenting . Also another indicator of a active busy market is the average days on the market from the time a home is list until it gets an accepted offer and opens escrow. Single family homes days on the market is down from 49 day in August of 2009 to 32 days of August of this year. What we are seeing is alot of step up homebuyer`s selling their old residence and purchasing a newer and bigger home, this is possible because this homeowners have a great amount of equity which they can use towards there down-payment of there new home. Also low interest have spiked a huge boom in homeowners in refinancing there home and purchasing an investment property to fund there retirement in the near future.
In the Ewa Beach area I have been seeing well priced homes sell either at or above there asking price. One incident was I had a client in which I put an offer on a home in Leeward Estate which showed well and also priced below market value. This home received 30 offers and sold $30,000 over asking price. This is a sign that homebuyer`s are flocking to Ewa Beach to get more home for the money and in newer condition, and really this is the only area on the island to do this. Also what is attracting alot of buyer`s are the new development underway in the Ewa Beach and Kapolei area, which will make this area a place where homeowner`s can live work and play. Call for a Free CMA and see what your home is worth today.
Mahalo,
Shannon Feliciano Jr (RA) (ABR)