Here are some highlights from the report:

-Single-family home prices dropped slightly by about 4.2% to $632,500.

-Condominium prices remained stable with a 0.9% increase to $338,000.

-The number of sales over the last 3 months continue to drop with single-family homes down 28.7% and condominiums down 31.9%.

-Both sales and median price numbers for single-family homes in Waialae-Kahala have seen record increases for this month. And condominium price numbers experienced a slight jump in the Downtown-Nuuanu areas.

-The July 2008 Spotlight content provides more tips and insight into current investor opportunities and also mentions the use of 1031 Exchanges. Now is a great time for investors to take advantage of a slow market and re-evaluate their current holdings and take advantage of opportunities to re-invest.

Post from: Hawaii Real Estate Reporter

Want to Know What’s Really Going on in Oahu Real Estate? Look at the Numbers Yourself!

It helps when you have great sources like Mike Sklarz. In the article, he makes an excellent point using a key indicator of overall market health:Months of Remaining Inventory (the number of months it would take to sell all the current homes on the market at the current market pace).

Months of Remaining Inventory (MRI) takes two important things into account:1) The number of homes on the market and 2) how quickly homes are being sold. Therefore MRI incorporates both supply and demand into one number, and this should (according to my high-school economics teacher) predict prices.

In the article, Sklarz says that when MRI is between 6-10 months, home prices do not fluctuate much. According to the article, we are well within that range at 8.5 MRI. This suggests that we should not expect a dramatic price drop.

At least in this one article, sanity prevails.

Post from: Hawaii Real Estate Reporter

Good News: Oahu Median Home Prices Strong – And Some Reasons Why They Should Stay That Way.