John Sailings, Home Seller in Waikiki, Honolulu, HI

What is the avg # of days on market for a SF and for condos on Oahu in 2008. Need most recent #'s possible.

Asked by John Sailings, Waikiki, Honolulu, HI Tue Apr 1, 2008

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Hi There,

I do not have the numbers for SF. I can help you out for Oahu. Can you tell me what area on Oahu you are looking for? I just looked up Kailua f- the most recent DOM is around 60. Please let me know if it is ALL of the island or a certain area.
0 votes Thank Flag Link Tue Apr 1, 2008
keep your house
not a good time to sell a house

anyways

good luck
1 vote Thank Flag Link Tue Apr 1, 2008
Year to date for Oahu:
SF
Jan - 61
Feb - 59
Mar - 47
Condos
Jan - 42
Feb - 50
Mar - 39
The trnd, like the stock market and interest rates has been varying quite a bit. Condos tend to be heading toward 40-45 days and SF around 10 days longer.
If you price it right, it should be 30-40 days. If you're selling, you need to mor aggressive on price changes. If you wait more than 60 days, it could really adversely affect your values when it does eventually sell.
0 votes Thank Flag Link Mon Apr 28, 2008
The quickanswer to your question is easily obtained from theHonolulu Board of realtors Monthly Statistical Report. For March, 2008, the median number of days on market for SFR's was 47 days; for condos, 39 days. These numbers are for the number of days between listing and contract dates.

However, the longer answer is that these numbers are actually nearly meaningless, other than for drawing graphs over considerable time periods. On Oahu, it is critically important to break down activity to areas, neighborhoods, and finally to specific streets and specific developments, especially for condos. This is especially important when pricing listings, or making offers to purchase for buyer clients. Not all real estate professionals are created equally, and there are plenty of examples that testify to that. Here is one example. In a specific townhouse development, I listed a property for $465,000. I took the listing based on the fact that the condition of the property and my analysis of the evelopment, marketplace, etc. justified the asking price. There were no sales of a similar unit in the complex for over 15 months, and there is one unit listed for sale that has been on the market for almost a year now.

The first offer we received was from a realtor who had not bothered to visit the unit with her buyer clients, and she low-balled the offering price based on her analysis of property sales in the surrounding area. Because of the lowball price, we declined the offer, not wanting to tie it up in a counter offer situation. The agent called me, and was angry that we considered her clients offer to be a "low ball". She argued her analysis, citing the comparable properties for her analysis. To keep the story short, I will just say that we decided not to waste each others time.

The next offer came from another agent who visited the property with his client, was familiar with the devlopment, and the offer was for 99% of the sking price. The 1% discount was in consideration that the offer was for all cash. They felt the property is worth every penny, which it is.

I hope you see my point, that the numbers are useful, but can also be misleading.
0 votes Thank Flag Link Wed Apr 23, 2008
Aloha:
My name is Mike Gallagher and I am Broker in Charge at RE/MAX Honolulu.
Please view all pertenant data for Oahu and it's Neighborhoods at my site: http://www.hawaiirealestatestatistics.com

You can reach me at mikeg@hawaii.rr.com or by cell 808-384-9015

Much Aloha,
Mike G.
0 votes Thank Flag Link Sat Apr 19, 2008
I have been researching an answer for you, but can't find an up to date DOM at this time for Oahu. What I can tell you is that Oahu home prices dipped 2.4 percent in the median single family home price, down to $628,000. This is the 5th striaght month of lower or unchanged prices from the month before. Number of sales were down for both condos and single family homes, though the median condo resale price rose by 2.6 percent. These figures were released yesterday by the Honolulu Board of Realtors. Hope this is helpful for you!
Aloha,
Cori Meyers R GRI CRS CRB
President/Principal Broker
Kapolei Realty Inc.
0 votes Thank Flag Link Wed Apr 2, 2008
Hi Terisa, Actually I was wondeirng about the stats for homes on the Isalnd of O'ahu, overall. "SF" for single family, and condo, if both numbers are available. Are stats available for the entire island as a whole?
0 votes Thank Flag Link Tue Apr 1, 2008
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