June’s market stats for Oahu are out.  So what is going on in the market?

Well if you read the Honolulu Advertiser then, June Oahu Median Home Price falls 8.8% to $625,000.  (When did the Honolulu Advertiser report the news like Fox News?)  Harvey Shapiro says, Housing Prices Hold in June.  The Pacific Business News writes, Oahu Home Sales, Prices Fell In June.

So what is the story?

For the entire first half of this year, the median prices have been $629,000 and $330,000, respectively. The median price of a single-family home has decreased by 2.5%, but the condominium price has increased since the same time period a year ago by 1.5%.

You can view the entire June Market Stats here.  To view all past monthly and quarterly market stats go to the Resource Center.

On page 3 of 20 are the Year-To-Date figures.  These figures are much more accurate then comparing a single month this year to the same single month last year. The number of sales for SFH’s is down 25.7% Y-T-D and for condos is down 27.5% Y-T-D.  The median sales price for a SFH is down 2.9% to $629,000 and for condos is up 1.5% to $330,000.

*Several economist predicted our market will balance out and stay steady at 8,000 units sold.  That is the number we are anticipated to hit this year for total number of sales down from our peak of 13,000 units.

on page 18 of 20 we see the Months of Inventory Remaining.  This gives us an indication of the strength or weakness of a market and if it is a buyers or sellers market.  According to the National Association or Realtors, a balanced market is 6-7 months of inventory.   The Months of Inventory Remaining for SFH’s in June was 8.3 and for condos was 7.0.  A balanced market for condos and a slight buyers market for SFH’s.

The $1.0 million plus properties are the highest with 15 months of inventory on the market currently.