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Home Value Trends in Honolulu

According to Zillow's latest Home Value Report, home values in Honolulu decreased 3.2% since January 2008, compared to the first quarter of 2007. Mainland, single-family home values decreased 7.5% while condo values declined 9.0% during this same period.

Quarterly Home Value Reports | Zillow Real Estate

 

Here are the stats for the month of April.

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During April, sales of 256 single-family homes and 384 condominiums were reported through the Board’s MLS, decreases of 25.1 percent for single-family homes and 27.1 percent for condominiums, compared to the same month last year. This brings total single family home sales on Oahu to 929 for the first four months of 2008, a decrease of 23.0 percent over the same time period one year ago. Total condominium sales through April were 1,421, a 24.7 percent decrease from last year. The median prices paid for Oahu properties in the first four months of 2008 were $625,000 and $329,000, respectively, a decrease of 0.8 percent for single-family homes from the same time period in 2007 and an increase of 2.2 percent for condominiums. The total dollar sales volume generated in the housing market for the first four months of this year was $1.311 billion, a decrease of 21.2 percent, or $352 million, compared to the $1.663 billion produced one year ago.

There is 3.9% decrease in Single Family Homes Median Sales Price from last year, while a 0.6% increase in
Condominium Median Sales Price in April 2008 compared to the same month last year.

There is a 25.1% decrease in Single Family Homes Sales Volume from last year; and, a 27.1% decrease in Condominium Sales Volume in April 2008 compared to the same month last year.

“Median prices are holding pretty firm in the current Oahu housing market, at $639,000 and $327,000, in April,” sad Dana Chandler, President of the Honolulu Board of REALTORS®. “This contrasts with the significant losses of home values in Mainland cities tied mostly to the continuing credit crunch. We continue to be fortunate that this is still a stable environment for both buyers and sellers.”

“April’s data shows that there is enough demand, albeit lower than last year, to maintain our residential price levels,” added Harvey Shapiro, Research Economist at the Board of REALTORS®. “The U.S. Federal Reserve cut overnight interest rates this week by only 25 basis points, but this is seen as a positive move for the housing industry.”

*Source: The Honolulu Board of REALTORS®

 

Honolulu second lowest nationally in foreclosures

Honolulu had the second-lowest foreclosure rate of the 100 largest metropolitan areas in the first quarter of 2008, according to a survey by the real estate firm RealtyTrac.

There were 155 foreclosures in Honolulu during the first quarter of this year, or one foreclosure for every 2,147 households, RealtyTrac found. Honolulu's first-quarter foreclosure rate was a 1.31 percent increase over the fourth quarter of 2007 and a 51.96 percent increase over the first quarter of 2007.

Only the Allentown/Bethlehem/Easton Philadelphia region had a smaller foreclosure footprint, at one foreclosure for 12,328 households, according to the company, an online marketplace for foreclosure properties.

The worst metropolitan area for foreclosures was Stockton, Calif., where there were 7,560 foreclosures, or one for every 30 households. It was followed by Riverside/ San Bernardino, Calif., and Las Vegas.

Nationally, RealtyTrac reported that 649,917 properties were foreclosed on during the first quarter, which represented a 23 percent increase from the previous quarter and a 112 percent increase from the first quarter of 2007.

The report indicates that one in every 194 U.S. households received a foreclosure filing during the quarter.

"Foreclosure activity in the first quarter increased on a year-over-year basis in 46 out of the 50 states and in 90 of the nation's 100 largest metro areas, demonstrating that most regions of the country are seeing more foreclosures," said James J. Saccacio, chief executive officer of RealtyTrac.

By state, Hawaii's foreclosure rate ranked 44th, similar to its recent rankings in RealtyTrac's monthly data. Hawaii had 371 foreclosures during the quarter, or one for every 1,348 households, the company said.

Nevada, California, Arizona, Colorado and Florida posted the top state foreclosure rates during the first quarter.

Honolulu second lowest nationally in foreclosures | starbulletin.com | Business | /2008/04/29/

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