Hawaii

(EMAILWIRE.COM, July 02, 2007 ) Honolulu, Hawaii -- Hawaii’s real estate market continues to see growth due to a higher property demand and a lack of inventory (listings).All across America, real estate prices seem to be declining. Foreclosure rates around the country are increasing at an alarming rate. Most believe that the real estate bubble has finally burst. For the last three quarters, the national median price of a single-family home has fallen. According to the National Association of Realtors, prices are down approximately 6.5 percent nationwide from their peak in 2006. Industry analysts say 36 of the 100 hottest real estate markets in the country can expect a decline in 2007. But for a variety of reasons, the tiny island state of Hawaii is an entirely different world. In Oahu, the main island with approximately 90% of the state’s population, the real estate market is actually going up. For 2007, Hawaii’s real estate boom is showing no sign of letting up.The Hawaii real estate market is fairing so much better than most on the mainland that it is almost shocking, as Oahu’s housing inventory is lower than it was last year. Additionally, the number of new listings has fallen 14.2% since last year, and real estate is moving fast, with the average house on the market for just 42 days. Unlike other areas of the country, there is simply not enough inventory to keep up with demand. This shortage of listings has helped maintain Oahu’s strong seller’s market and continues to drive up prices. One of the most important statistics used by realtors in gauging the temperature of the real estate market is the number of months of inventory remaining. It’s broadly held that if there is less than 6 months of inventory in a given area, it is a strong seller’s market. As of June 1st, there was only 5.3 months of Oahu real estate inventory.Honolulu Hawaii and Oahu real estate expert, Tony Kawaguchi of Remax 808 Realty (http://www.alohatony.com), sometimes has a hard time convincing his mainland clients that the Hawaiian real estate market is completely different from the rest of the country and that it is thriving. “I tell my clients that if you want a nice house, you’re probably going to pay full price and you may be bidding against other buyers. While the total number of sales on the island is down, the extreme shortage of inventory has resulted in escalating prices. It’s Hawaii after all, and everyone wants to live here,” says Kawaguchi. To express how the shortage of Hawaiian homes has affected prices, Kawaguchi adds, “I have personal experience with the reality of the Oahu seller’s market. In June, I presented full price offers for some of my buyers that were outbid by other buyers. I have had a number of listings that have received multiple offers. It has become increasing difficult to even find a good property for buyers looking for a marina front home.” According to the National Association of Realtors the worst of the country’s current ‘price correction’ is over. While the NAR predicts a recovery during the second half of 2007, prices for the year will generally remain down from previous years. On the lovely island of Oahu, most real estate investors have had nothing but profit. Further, all indicators point to continued growth and prosperity in the Hawaiian real estate market. Tony Kawaguchi of Remax 808 Realty has been helping individuals and families with their real estate needs since 1999. By focusing on people's needs and not just a commission check, he has become the highest office producer for multiple years. For more information Honolulu and Oahu homes, or if you are in need of selling Hawaii real estate, please visit Remax 808 Realty or call Tony Kawaguchi at (808) 395-5776.###This press release was issued through GroupWeb EmailWire.com. For more information on press release distribution, go to http://www.emailwire.com.

Kevin Dill

hillaryalane@yahoo.com