Sunday, March 24, 2013

The Honolulu Board of Realtors released the Local Market Update Report for February 2013

The Local Market Update Report for February 2013 has been published by the Honolulu Board of REALTORS®. You may review this report to see specifics about neighborhoods that you are interested in.

I have decided to put the condo market in the "Ewa Plain" in the spotlight this time.

Ewa Plains (Page 6 of PDF Report)
The statistics show that the median price in the area has increased by 3% compared to median price in February 2012. The median days on market is just under a month and sellers are receiving an average of about 96.2% of their asking price. The current median price is $325,000.

Here is the current MLS activity of the Ewa Plains area for 2013 up through 3/24/13Customer Short Page.

Here is the current MLS activity of the Ewa Plains area within the current median price +/- $5000: Customer Short Page.

In most cycles, the Ewa area tends to react to the market conditions a little later than the Metro/Honolulu areas do. Many shoppers have been experiencing multiple offer "bidding wars" on homes priced around this "affordable" price range. Some of them may be frustrated with the competition and opt for the available inventory in the Ewa area and probably get a newer and larger home for the same price.

What would you do and how do you feel about the Ewa Plains area? Compare it to other neighborhoods around the island by viewing the entire report.

Source: Honolulu Board of Realtors Local Market Update February 2013 [PDF].

The MLS links in this email or blog post expire 30 days from the date of report.

Rick Nakama 
East Oahu Realty
6600 Kalanianaole Hwy #114
Honolulu, Hawaii 96825
Direct: (808)382-6761

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Rick Nakama, REALTOR® RB-20356
Honolulu Real Estate

Rick Nakama Realty LLC
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