When Was The Last Downturn In Hawaii’s Housing Market?

Gil asked this during our live show via YouTube:

When was the last time the housing market in Oahu actually went down, for how much and how long?

This short clip came from our Aloha Friday Hawaii Real Estate Show which goes live every other Friday on our Hawaii Real Estate YouTube channel or our Living in Hawaii Facebook page

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Show Transcript:

gil uh gil when was the last time that
the housing market and oahu actually
went down for how much and for how long
scott that’s got to be back with the
with the japanese bubble wasn’t or or
maybe the 2000 2008 it was so what’s up
2008 was 2008 and 2009 totaled 11
percent for oahu island okay
thank you scott 2008 2009 gil that was
like you know the big gigantic crash
when like some parts of the mainland
just like died here you know we lost 10
percent the worst time right go dylan
here’s an important perspective about
that too though is that people associate
that housing bubble with that recession
right they happened at the same time
they made each other worse but
recessions don’t necessarily lead to
lower real estate prices so if you look
at the last 50 years
of the american economy in the last 50
years we’ve had a recession about every
10 years and if you look i have a great
graphic maybe show us the next show but
if you look at the the real estate
housing prices they you know they
steadily go up and then when there’s a
recession they top off and then the
recession ends and they continue to go
up right so the only time the housing
prices
went down was really 2008 so the even
the japanese bubble time the real estate
prices
tapered off and plateaued but they
didn’t go down and then once we came out
of the recession they continued to go up
so you don’t you can’t associate a
recession an economic recession with a
re reduction in in real estate prices
and their real estate that that real
estate there was a genuine real estate
bubble but i mean here’s the part about
that 2008 and 9. um and you know my my
my sort of characterization of that is
hawaii real estate is is if you look at
hawaii real estate it’s almost like a
straight if you back up far enough it’s
like a straight line up it’s just a
straight line um practically and you
know in my my line about that is hawaii
doesn’t really
have too many parties where it takes in
where the prices like go want you know
crazy so because we don’t take part
because we don’t show up for the party
we don’t get the hangover 2009 was like
a hangover a hangover you know a wild
drunken party hangover that we got
smashed on didn’t happen in hawaii so we
only lost a small amount 10 in the worst
possible time so