As I had indicated for the last few months, everything indicated that the market had heated up.  I have experienced a few multiple offer situations.  I was waiting to see the numbers come out and now they have.  These are strong numbers considering we are heading into the busiest time of the year (summer).  When I look at the inventory, there hasn’t been a lot on the market lately, so I think we have some people sitting on the sidelines until June to put their properties on the market. If you’re a seller now, being on the market before summer will definitely have it’s advantages. Interest rates are still very low as well, so there is good news in the market place all around. I have heard from a few people that they are waiting to put their properties on the market in the summer.  Since our inventory hasn’t really decreased significantly over the last two or three months, we may have a lot more to choose from this summer.  The question then becomes, how many more buyers will we add to the market for the summer period.  Should be interesting to see what happens. 

Anyway….you can access the previous statistical reports and the stats for the entire first quarter by going to  the Member Login section of my website.  If you do not have a Username and Password already, feel free to sign up for one.  In the Member Login section you can navigate to the Data & Statistics page for all the past stats.  Also, here is an article from the Honolulu Advertiser as well: On page 4 of 20, the number of sales increased for the 4th straight month for SFH’s and condo sales declined slightly. 
On page 6 of 20 the median sales price increased significantly for SFH’s to $665,000.  That is just shy of our record high of $668,300, set in the summer of 2006.  Condos increased as well to $325,000, also just below our record high as well.

On page 7 of 20 the median number of Days-On-Market decreased significantly for SFH’s.  Down from 65 days to only 45 days now.  Condos D-O-M decreased slightly to 38 days. (2 months ago it was 59 days)

On page 14 of 20, the inventory of active listings remained roughly the same for SFH & increased slightly for condos. Not too much movement here.

On page 18 of 20 the months of inventory remaining (meaning if we didn’t bring anymore properties on the market, how long before we sold all of the inventory) decreased for SFH’s to 5.2 months, and to 4.3 months for condos.  The reference I always make with this, is the National Association or Realtors considers a balanced market to be 6 to 7 months of inventory remaining. 

On page 19 of 20, it breaks down the months of inventory, based on the type of property (SFH or Condo), area of the island, and price range.  For SFH’s under $1.0 million, the market is very active and moving. Esp. in the $400,000 - $1.0 million properties.  Even the $1.0 million plus SFH’s decreased their inventory from 16 months to 11 months.  In Florida, for that price range along the Gulf Coast, there is 3 years worth of inventory.  The condo market is even warmer under the $500,000 price range and the over $500,000 range is still doing very well at 6.7 months of inventory (balanced between a buyers and sellers market).  Not bad at all.

If there are any questions, feel free to contact me at scott@kahalaassociates.com