Welcome to 2009!  As you think about this brand new year, you may be asking yourself whether this is the time to make a move in the real estate market. 

It’s a fact that there are opportunities in every market, including this one.  Mortgage interest rates are at amazingly low levels tempting more buyers into purchasing a home.  Most hesitation seems to be about home prices.   It’s understandable to want to “buy low”, but it’s impossible to know when the bottom has hit until after the market has moved up again.  And when that happens, who knows where interest rates will be!

With the complexity of today’s market, there is no better time to contact a Coldwell Banker Pacific Properties sales associate to discuss your personal goals.  They will help you assess your situation to determine whether it’s a good time for you to buy or sell.  If it’s not, they will help you with planning so you’re ready when the time is right  for you.

In the meantime, here are some statistical highlights of the Oahu real estate market as of December 31, 2008.  Happy New Year!

For Oahu overall, we experienced a 2.7% increase in the median sales price of homes sold in December: $626,500 versus $610,000 in 2007.  However, 194 homes sold in December compared to 240 in 2007, a reduction of 19.2%.  Examine the statistics neighborhood by neighborhood as you’ll see they tell a variety of stories.

The median number of days on the market was 53 for condominiums that sold last month, dropping from a 2008 high of 68 days on the market in November.  Single family homes sold last month spent a median 65 days on the market, the highest number recorded in 2008. 

Total inventory was 2,033 for single family homes in December.  This was the lowest inventory level seen since April 2008, but higher than December 2007 inventory of 1,874.  There were 2,634 active condominium listings in December, also the lowest level since April 2008.  As with single family homes, inventory is higher than it was a year ago.

At Coldwell Banker Pacific Properties, our mission is to provide you with a real estate experience that
exceeds your expectations.  Whatever the market, we deliver.   

For more information, visit coldwellbankerpacific.com