First of all, sorry that I haven’t been able to update recently. I went on vacation to San Francisco for 10 days and didn’t have access to a computer. Anyhow, here I am back with the updates!
According to the Honolulu Board of Realtors, home sales in Hawaii were down and to their lowest level in 10 years. Total sales fell to $5.47 billion versus $5.99 billion last year. Even though home prices were starting to decrease, from a previous article I wrote, housing is still too expensive.
This isn’t too surprising, because housing sales are down because the prices to purchase property is too high. I for one want to purchase a condo, but it is almost impossible, especially in town becuase of the high prices. Typically, a one bedroom apartment has been at least $350,000 and as much as $500,000. Who has that kind of money? I sure as heck don’t.
Hopefully the dipping housing sales bring down the cost as well. When that happens, maybe I’ll be back in the market to buy something. Otherwise, consider me renting for the next few years.
- Home Prices Slowy Decrease in Oahu
- Low Priced Condominum in Salt Lake for Sale
- Hawaii Well Below National Average in Pay
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January 12th, 2007 at 9:02 pm
I’ve spoken to a few realtor friends about this a few days ago and they all say that the earlier you get in the market, the better. The reason behind this is because of Hawaii’s finite land space (a major cost determining factor), you will see a few dips here and there within a span of 5-10 years, but overall market prices will generally be on an upward trend regardless of what the market can bear.