Eye on Hawaii market
Saturday, October 18th, 2008According to the Honolulu Board of realtors stats the Hawaii real estate market housing prices on Oahu real estate is down 3.3% for the third quarter of 2008 compared to 2007. The amount of sales is down a whopping 26%.
The Maui real estate market prices were down approximately 7% while the amount of sales were down about 22%.
The Big Island Hawaii real estate market prices were down approximately 50% for number of sales. That is pretty substantial. Wonder how bad that market is going to be hit? There was an agent on the big island named Katie that said “It’s Time to Buy!”. Not sure if we would agree with that.
The Kauai real estate market is down for number of sales about 40% year to date. That is huge too.
There are some agents out there telling their clients it is a great time to buy and that we have hit the bottom. I would be very careful suggesting that as we are in a major financial crisis and it all depends on the new president and the policies he tries to push. If the new president raises taxes on anyone or business heading into a recession the markets may collapse.
Time will tell. There are some good values out there if you do your homework. Happy house hunting.
Thanks to Jeff Manson of American Dream Realty sharing his time with us.