End of 2010 Oahu Housing Market Update

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Hawaiian Realtor Tony Kawaguchi takes a look at how the real estate market did on the Hawaiian island of Oahu and where it is going in 2011. Things are looking better as the housing market in Hawaii seems to keep stable despite the current economic woes.

Aloha Tony

Single family home prices were up almost six percent in 2010 compared to 2009, although condo prices remained relatively unchanged.

It is an American dream - a home in Hawaii. But how many of us can actually make that dream a reality? Before you erase that dream from your bucket list, take a closer look at the 2011 Oahu real estate market.

Sales of your American dream are on the rise in the Oahu real estate market, in both single family homes and condominiums. Single family home sales in 2010 were up almost thirteen percent from 2009, and condo sales were up more than ten percent. Oahu homes for sale in both markets continue to be strong into the New Year; condo sales in particular seem to be on the upswing.

With an increased demand of course, comes the inevitable rise in the selling prices. Single family home prices were up almost six percent in 2010 compared to 2009, although condo prices remained relatively unchanged. So if you are looking for your vacation home, a home for retirement or a "Hawaii starter" home for relocation, look at the condos on Oahu.

Even though prices are on the upswing in the Oahu real estate market, this American Dream can still be had for a relative bargain! The median price of a single family home is still less than $600,000 and just over $300,000 for a condo. The Oahu real estate market had a number of foreclosed condominiums available in the prestigious Ewa Beach area, which may account for the lower prices on the condos. However, these great condominiums are rapidly being purchased by savvy buyers who are getting their dream home in Hawaii at a great price.

The average of the selling price vs. the asking price is also increasing, which shows that the Oahu real estate market is becoming more of a seller's market than a buyer's market. So you need to hurry if you are going to get one of these bargains! With an average of 36 days in escrow on single family homes and 42 days for condos, you can have your dream home Hawaii in little more than a month!

Keep in mind the interest rate has risen from 4.0% to 4.75%, which is still an extremely low rate to take advantage of. The availability of Oahu homes for sale combined with the low interest rates makes this an ideal time to buy your dream home in Hawaii. While at this time there are plenty of Oahu homes for sale, both single family homes and condominiums, the rising sales of both will diminish the availability of your dream home in Hawaii.

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Tony Kawaguchi
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