And here we are again with another set of real estate market stats for Oahu.  We are continuing to see a slowdown in the number of sales however, prices are expected to remain level.  You can read the articles from the local papers by reading, Oahu Home Prices Remain Stable and from the Honolulu Advertiser, Oahu Home Prices Have Flattened Out.  To view the current market stats and all previous market stats visit The Resource Center

Good financing options and low inventory in November kept supply and demand almost exactly in balance for Oahu’s residential real estate market, as prices held steady while sales trailed year-ago levels.

Helping sustain home prices is a state economy that continues to grow, albeit at a slower pace, as well as low unemployment, rising personal income, limited new-home construction and vibrant demand from out-of-state retirees and investors.

On page 4 of 20 we see that the number of sales declined again for both SFH’s and condos.  This is the lowest number of monthly sales since early 2002.  No need for alarm, November and December are typically the slowest months of the year.  January/February speed up again.  Comparing the end of the year 2007 to the beginning of the year 2002 isn’t the most accurate method, and 2002 wasn’t a bad year at all.  None the less, we do see less sales.

Page 6 of 20 shows the median sales price for SFH’s declined to $610,000.  This is the exact same median sales price as November of 2006.  The median sales price year-to-date is $645,000 compared to $630,000 for 2006.   The median sales price for condos on Oahu declined to $315,000.  Just above the median sales price of $310,000 for the same time last year.  The median sales price for a condo year-to-date is $325,000, compared to $310,000 for 2006. 

Page 7 of 20 shows the median number of Days-On-Market (DOM), or days until a listing goes into escrow and sells, increased to 53 days for SFH’s and increased for condos to 42 days.

Page 14 of 20 shows that inventory actually decreased ever so slightly for SFH’s and remained unchanged for condos.

Page 18 of 20 shows the Months of Inventory Remaining.  If we didn’t bring any more homes on the market, based on our number of sales, how long would it take to sell all of the inventory available.  For SFH’s the months of inventory remaining is 7.4 months and for condos is 5.8 months. This is right in line for what is considered a balanced market.

Page 19 of 20 shows the breakdown of the inventory based on type of property, price range, and area of the island.  The $1.0 million plus properties have 15.5 months of inventory remaining (1 yr and 3 months).  The North Shore has 25 months of inventory for SFH’s and 23.5 months of inventory for condos.

I recently had a chance to see Paul Brewbaker speak in regards to the real estate market and economy.  His thoughts were the same as they have been for a year or two now.  We will continue sideways in regards to median sales price.  No significant increases and no significant decreases in price.  Feel Free to visit his Hawaii Economic Trends For October 2007, particularly pages 7-12 which cover the Hawaii real estate market.

Let me know you thoughts or if you have any questions.