At the end of its two-day meeting today, the US Federal Reserve governors announced that there would be no change in interest rates. So, the federal funds rate will remain at 2.0%.

The Fed sees inflationary risks for the economy and will probably start increasing rates as soon as their next meeting in August.

This means that there should be no change in mortgage rates in the near term.

The Hawaii Association of REALTORS® (HAR) is seeking nominations for the 2008 REALTOR® of the Year award, which honors individuals who have contributed the most to the advancement of the profession and the community in the past year.

It’s up to REALTORS® to help decide who will be our top volunteer for the year. If you know someone who is a strong candidate for REALTOR® of the Year, please complete and submit a candidate application form available on the HAR homepage.

Nominations must be received in the HAR office no later than August 1. Fax forms to the HAR office at (808) 737-4977. For questions, please email dmotohiro@hawaiirealtors.com.

The Better Business Bureau and the Honolulu Board of REALTORS® issued an alert today about rental scams that are being perpetrated on the public via the craigslist.org website.

These scams involve rentals that look attractive but are placed by someone other than the property owner. Another form of these scams involve bogus checks sent to landlords with a cashback request. Please be aware that if a deal seems to good to be true…

You can read the complete press release by going to the Honolulu Board of REALTORS® website www.HiCentral.com and clicking on the “Alert on Rental Scams” link on the home page.

The Makaha-Nanakuli neighborhood is on the western-most side of O’ahu and has the distinction of being the most reasonably priced area on the island. In fact, this is the only neighborhood where the median price of a condominium is still less than $200,000. This neighborhood is geographically defined by the Honolulu Board of REALTORS® as Tax Map Key, all of Zone 8.

Condo sales in this area dropped almost in half, from 2006 to 2007, and 2008 has brought an even further reduction. In 2007, there were 118 sales reported through the Multiple Listing Service computer, a 44.9% decline from the 214 condominium units sold during 2006. In the first five months of this year, only 32 sales have taken place, compared to 67 in the same time period last year.

The median price paid for a condominium in Makaha-Nanakuli has been dropping. In 2007, the median price paid was $176,500 and this was a decrease of $3,500 from the 2006 price. This year, for January to May period, the median price has declined further,to $166,300.

The speed of sales, as measured by the Days on Market (DOM) indicator which is defined as the number of days a listing is on the market before an agreement for purchase is signed, was 51 days in 2007. This was about a week slower than for O`ahu overall, and was two days slower than in 2006. For the first five months of this year, the DOM for this area has been 58 days.

Not surprisingly, the inventory in this area, as in the rest of the island, has been rising. In May, there were 158 condominiums being actively marketed for sale, while a year earlier, there were 120. The median list of price of this inventory is $179,000, which is down 11.6% from last year’s asking price of $202,500.

For further information about recent activity in your specific neighborhood, check out the information available on the Honolulu Board of REALTORS® website www.HiCentral.com or contact a REALTOR® in your area.

There is a wide variety of condominium types and sizes in the Kapahulu-Kuliouou neighborhood, including those in the premium Waialae and Kahala areas. This neighborhood is geographically defined by the Honolulu Board of REALTORS® as Tax Map Key, Zone 3, Sections 1 through 8.

As is true for most of O`ahu, sales in 2007 were lower than in 2006. In 2007, sales of 133 condominiums were reported in this neighborhood, a 14.2% decrease from the prior year’s sales of 155 units. For the first five months of 2008, the sales decline has been less pronounced in this area than for the rest of the island, with 47 sales this year versus 58 sales for the same time period in 2007. This is a 19.0% drop compared to the overall O`ahu loss of condo sales of 25.8%.

The median price paid for a condominium during 2007 in the Kapahulu-Kuliouou neighborhood was $485,000. This compares with the 2006 median price of $475,000, an increase of 2.1%. This year, the median price for the January to May period was $465,000, a decrease of 3.2% over last year’s $480,500 in the same time period. The highest price paid for a condominium in this area in 2007 was $4,500,00, while the high for this year, through May, has been $4,100,000.

The Days on Market indicator, which relates the median sales speed for sold properties, was 43 days in 2007, an almost three week betterment from the 63 days posted during 2006. Contrary to the islandwide sales slowdown, the speed of sales in this area made a slight improvement, to 42 days, during the first five months of this year.

The inventory of condominiums available for sale during May totaled 116 units, including 47 leasehold units. The median list price of the 69 fee simple units on the market is $729,000, compared to $399,000 for the leasehold dwellings.

For further information about recent activity in your specific neighborhood, check out the information available on the Honolulu Board of REALTORS® website www.HiCentral.com or contact a REALTOR® in your area.