Now that home prices are rapidly dropping in Hawaii -?

Question

Do you think more or less people will move here from the mainland?

Sorry O'ahu, Kauai, and Maui people, i meant the Big Island where prices ARE rapidly dropping.

Answer 1

Home prices are not rapidly dropping in Hawaii. Sales volume is dropping but prices are stable. The Honolulu Advertiser reported about two weeks ago:

"The median sales price was $610,000 in November, unchanged from the same month a year ago, while the number of homes sold fell to 245, a 16 percent decline from 293 in November 2006, according to data released by the Honolulu Board of Realtors today."

I hope this is a signal that not quite as many residents of North America are buying homes to take out of the full-time housing market--either as vacation homes or for real estate speculation: a house to sit on for a year and sell for a profit.

Update: Honolulu Advertiser, 12/19/07:

Robert Hastings, president of the local real estate appraisal firm of Hastings Conboy Braig & Associates Ltd., [is quoted as saying]

"Two or three years ago, there were a number of wealthy investors who would buy land to hold. There still may be people like that around, but there aren't as many today."

Answer 2

They aren't dropping that much, and that doesn't affect the overall cost of living very much. Any housing reduction is more than offset by transportation increases, which are affecting all areas of consumer spending. That will continue to rise as high oil costs are passed on by Matson, the airlines and Young Brothers in particular.

Answer 3

That's news to me. I would love it if home prices were rapidly dropping out here, but sadly they are still very high.

Answer 4

There have been a few neighborhoods that have experienced very modest declines in prices, but for the most part prices are not falling.

Answer 5

No - the cost of living is still way high. Milk, bread, egg, cereal, vegetables are still outrageous.