Market Update by Vince Vanderstroom (RA)
Friday, April 16, 2010
 BY: Vince Vanderstroom (RA) Direct: (808) 778-0065
MARCH 2010 MARKET UPDATE
“HOME PRICES, SALES UP AGAIN”
This was the most recent headline in The Honolulu Advertiser on April 8, 2010. Like many other headlines that have been popping up more and more in recent months, it looks like we are in store for more good news about our local real estate market.
We are now making our way out of the typically slower winter months and into our typically busy summer months for real estate activity. If you are looking to sell or buy property, now would be the best time to consider jumping in on the market as more Buyers will be looking to buy during this time. Buyers are still encouraged by the low interest rates on mortgages and for first time homebuyers, the $8,000 tax credit is still enticing Buyers into the market, but hurry as this tax credit is set to expire the end of april! On the other hand, Sellers are being motivated by the current gains in prices for single-family homes and condominiums.
Below are several market trends from the Honolulu Board of Realtors latest statistical information (March 2010) to help you understand where Oahu’s real estate market is headed:
SALES OF SINGLE FAMILY HOMES AND CONDOMINIUMS
AS OF MARCH 2010
Sales of single-family homes increased 32.1% compared to March 2009 while sales of condominiums increased 36.4% from a year ago!
MEDIAN SALES PRICE
Compared to March 2009, the median sales price for Single-Family homes increased 4.2% while the median sales price for a condominium increased 3.3%.
These are just a few of the positive real estate trends we are seeing so don’t hesitate if you are in the market to buy and/or sell. Please call us if you would like additional information on the real estate market or if you need our assistance to buy or sell property. At Sachi Hawaii Pacific Century Properties we are here to help you every step of the way!
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