Hawaii Real Estate Still Very Active
The doom and gloom of the national real estate market has not hit Oahu (yet). Is it possible that we could possibly avoid what the rest of the nation is experiencing with the decrease in values and numerous foreclosures?
I am not saying that we have not experienced lower prices because we absolutely have. As of February 2009, our median price for a single family home on Oahu dropped to $539,500, a price that has not been seen since early 2005.
As I submit offers for my buyers, I am no longer surprised to hear the listing agent say “We already have several offers pending”. This is especially true of Short Sales in Hawaii.
Whether we are at the bottom of the market remains to be seen but with the low interest rates, high inventory of homes and motivation of sellers, our real estate market in Hawaii continues to thrive.
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