February 7th, 2010
Oahu Real Estate Market Stats For January 2010
Here we are with another addition of the monthly stats. Sales continue to increase, inventory continues to drop, , fewer homes are coming on the market and interest rates are still at historic lows. The market has changed.
If you would like to view January’s entire 21 page report, click on January Stats. You can view all previous monthly and quarterly stats at THE Resource Center.
News Articles:
- Oahu Home Sales Start Fast. (Star Bulletin)
- Oahu’s January Home Prices Rise 10% (Honolulu Advertiser)
- 2010 Home Sales Off To A Fast Start (Pacific Business News)
- Oahu Home Sales, Median Price Rise In January From A Year Ago (Honolulu Advertiser)
Brewbaker said he believes 2010 will not have “any particularly strong breaks one way or the other on the value side, but it’s likely that volumes will steadily recover. “On an even more optimistic note, Brewbaker added, “I actually think we’re at the moment that we pass through in each economic cycle. This could be the first of a 10-year-long period of increasing home sales—until the next wacky thing out of the blue knocks us down.”
Market Stats:
Page 3 shows the Year-To-Date-Numbers (YTD). You can see that Single Family Homes (SFHs) are up 32.8% in the number of sales compared to the same time as last year. Keep in mind this was the period in 2009 when escrows closed for homes that went into contract right after Lehman Brothers failed. Still, this is a good sign for the real estate market. Prices for January 2010 are also up 10.8% over January 09, for a median sales price of $597,500. This is also above the 2009 YTD median sales price of $275K. Condos sales are up 42.8% in the number of sales over January 09. Condo prices in January are down 2% from January 2009.
Page 4 of 19 shows the number of sales by months for the month. There were 162 SFH sales in January 2010, compared to 122 in January 09. For condos there were 227 sales in January 2010 compared to 159 in January 09.
Page 7 of 19 shows the median number of Days-On-Market (DOM), or the number of days a property is listed for sale before going into escrow. These numbers dropped for both SFH’s and condos compared to January 09. SFH’s DOM was 43 days in January 2010, down from 71 days in January 09. For condos, the median number of DOM was 36 days in January 2010, down from 59 days in January 09.
Page 11 of 19 shows the number of new listings coming on the market. There were 418 SFHs brought on the market for sale in January 2010 compared to 496 in January 09. There were 522 condos brought on the market for sale in January 2010 compared to 674 in January 09.
Page 14 of 19 shows the Inventory of Active Listings. This is big, as inventory continues to decrease. Just look at the graph for what inventory is doing. Inventory for SFHs (number of homes on the market for sale) in January 2010 was 1,202 compared to 1,903 in January 09. For condos there were 1,638 available in January compared to 2,494 available in January 09.
Page 18 we see the Months-Of-Inventory-Remaining (MOIR), also described as, if we didn’t bring anymore homes on the market, how long would it take to sell all the homes currently available for sale. A balanced market is considered 6-7 months of inventory remaining. The MOIR for SFHs in January rose to 7.4 month. For condos the MOIR rose to 7.2 MOIR. This shows a balanced market and rose because of the increase in the number of new listings brought on the market.
On page 19 of 19 we see the Months Of Inventory Remaining (MOIR) broken down by price range, type of property and location on the island.
Posted by scott on February 7th, 2010 in Oahu Real Estate Market Stats | No Comments »