The stats are out for March.  We have slowed down but prices are still holding steady.  These are interesting times.  These times give you more properties to choose from and more negotiating ability than ever before. The good news for sellers is, from an overall island wide price standpoint, prices haven’t gone down, but there are less homes selling.  Read Oahu Home Prices Dip, Sales Down 14.5% (sales are actually flat when looking at year to date numbers of 2007 and 2008) and Harvey Shapiro’s March Housing Statistics article.

View this months stats by going to March 2008 Stats.  You can view all previous stats in the Resource Center of my website.

On page 3 of 20 we see the year-to-date numbers.  The number of sales for SFH’s are down 22.2% year-to-date, however median SFH prices are the exact same at $620,000.  For condos the number of sales are down 23.8%, however the median condo price is up 3.1% to $330,000.

On page 4 of 20 the number of SFH sales were more this month than the previous 6 months.  there were 282 sales of SFH’s. Condo sales were up from 321 sales last month to 392 sales.

On page 6 of 20 the median sales price this month for a SFH on Oahu was $628,000 and for condos was $329,300.

On page 7 of 20 the median number of Days-On-Market (DOM) was down for SFH’s and Condos.  SFH’s have a median DOM of 47 days, down from 59 days last month.  COndos have a median DOM of 39 days, down from 50 last month.

On page 14 of 20 shows the Inventory of Active Listings.  For SFH’s there were 1,919 SFH’s for sale, roughly the same as last month.  For condos the inventory built by about about 100 condos to 2,581.

On page 18 of 20 we see the Months of Inventory Remaining, meaning, if we didn’t bring anymore homes on the market, how long would it take to sell all of those homes. A balanced market is 6-7 months of inventory.  For SFH’s on Oahu the months of inventory remaing is 11.8.  For condos the months of inventory remaining is 8.0 months.  Lets see if this stays the same next month.  I bet it goes down.

On page 19 of 20 we see the Months of Inventory Remaining broken down by type of property, price range and location on the island.  The numbers here have definitely gone up for SFH’s.  More than $1.0 million homes have 28.6 months of inventory.  For homes in the $700-1.0 million homes we have 12.6 months of inventory.  For homes in East Oahu we have 14 months of inventory.  For condos the $1.0 million plus condos have 11 months of inventory. North Shore condos still top the list at 19 months on inventory.

Let me know your thoughts!