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January 12th, 2009
Oahu Real Estate Market Stats For December (Year End Review)
It’s that time again. This time we will look at the December stats and we have an entire years worth of data to look at.
If you would like to view December’s entire 20 page report, click on December Stats. You can view all previous monthly and quarterly stats at THE Resource Center. Check out the 2008 vs 2007 Price Comparisons For Areas On Oahu.
Here are the latest articles from the local papers:
- Home Prices Stable For 2008 (Pacific Business News)
- Oahu Home Prices Up 2.7% In December (Honolulu Advertiser)
- December Home Sales Drop 19% (Honolulu Star Bulletin)
- December & Annual Stats(Harvey Shaprio)
“Although inventory remains low and sales speeds are up, the prices being paid are still close to where they’ve been for a couple of years. If the federal TARP program is successful, look for sales activity to pickup on Oahu within the next few months.”
On page 3 of 20 we have the full annual data for 2008. The number of SFH sales for 2008 was down 24.4% from 2007. SFH prices were down 3.0% for the year compared to 2007. ($624,000)
The number of sales for condos was down 28.5% for the year and prices were flat with no change. ($305,000)
Page 6 of 20 shows the monthly median sales price. The median SFH price for December was $626,500, while the median price for a condo in December was $305,000.
On page 7 of 20 we see the median number of Days-On-Market (DOM), or the number of days a home or condo is listed for sale before it goes into escrow. For SFH’s the median DOM was 65 days and for condos the DOM was 53 days.
On page 11 of 20 we see that the number of new listings being brought on the market is still declining. This is helping keep our inventory (supply) low. There were 325 new SFH listings and 461 condo listings in December.
As a result, on page 14 of 20 we see the inventory dropped slightly again to 2,033 SFH’s for sale and 2,634 condos for sale.
On page 18 of 20 we see the months of inventory remaining. This is the ratio of inventory on the market to the number of sales, or if we didn’t bring anymore homes on the market, how quickly would we sell all of the homes listed for sale. This number spiked for both SFH’s and condos. SFH’s spiked to 12 months of inventory and for condos spiked to 13 months.
***This is inventory divided by the number of sales last month. November/December are our slowest times of the year (holiday time). The low number of sales for these two months will throw the months of inventory remaining out of whack. Look at February’s numbers and see if the Months of Inventory Remaining isn’t between 8-9 months
Posted by scott on January 12th, 2009 in Real Estate | No Comments »