Here are another set of market stats for Oahu’s housing market.  Definitely some interesting info here.  To begin with, the number of sales this month are off significantly, but the sales prices are holding steady.  The number of new listings that have come on the market have also declined.  The market usually speeds up at this time of the year, both with new listings and with the number of transactions.  Part of the problem may be a lack of inventory to choose from, as Buyer’s are willing to wait for that right property to come available.  I would tend to believe the major factor in the lack of sales is due to all of the negative economic news on the mainland, that makes people hesitant.  The stock market got kicked in the teeth this week, thus helping improve interest rates.

Feel free to check out these articles from the local newspapers: Oahu Home Sales Slow from the Honolulu Star Bulletin and Sales Drop By 40%, Prices Relatively Stable from the Honolulu Advertiser.  Read Harvey Shapiro’s Febuary Stats Summary as well. View this months market stats by clicking HERE.

It’s clear that prices are still holding up,” Shapiro said. “The single-family home price dropped below 2005 levels, but it was only a thousand below. We are much more stable than many markets on the mainland. Hawaii is still a good place to invest.

To access all past market stats and quarterly market stats, visit The Resource Center. 

Lets look at the numbers:

On page 3 of 20, the year to date number of sales island wide for SFH’s is down 27% and the year to date number of sales for condos is down 21.3%.  The median price of a SFH is down 1.6% and for condos is up 3.1%.

On page 4 of 20 the number of sales for this past month was down significantly for SFH’s to 163 homes sold and for condos remained roughly the same as last month.

On page 6 of 20 the median sales price this month for SFH’s was $599,000, essentially flat.  For condos the median sales price was up to $335,000.

On page 7 of 20 shows the median number of Days-On-Market (DOM) that a property is listed for before going into escrow.  For SFH’s that number stayed roughly the same at 59 days and increased for condos to 50 days.

On page 11 of 20 the number of new listings brought onto the market for SFH’s dropped by almost 100 to 565 and for condos dropped to 787.

On page 14 of 20 the inventory increased slightly for both SFH’s and condos.

On page 18 of 20 the months of inventory remaining (How long it will take to sell all of the homes currently for sale on the market, assuming we don’t bring anymore on the market) increased to 8.4 months for SFH’s and 7.6 for condos. 

Page 19 of 20 breaks down the months of inventory remaining based on the type of property, location on the island, and price range.

Lets see how the next few months pan out.

For the latest article from my blog visit High Cost Mortgages Just Got Cheaper.

If you would like to receive the latest news and information directly to your email inbox the day I post it, feel free to email me with your name and email address and I make sure you have a subscription.  As you already know, I don’t sell or give out any names or email addresses and you can unsubscribe at any time.