If you want an idea of what is going on in the real estate market here, one need only look at the article headlines below.  In this months stats I will compare the beginning of this year to the beginning of last year.  If you would like to view February’s entire 21 page report, click on February Stats.

 

News Articles:

• Hawaii Economist Predicts $1 Million Median Home Price In Next Decade To Come (Star Bulletin)
• Honolulu Home Values Show An Upward Trend (Star Bulletin)
• Oahu Home Sales Show Recovery, With Prices Up In Past Two Months (Honolulu Advertiser)
• Oahu Home Sales Continue Fast Pace (PBN)
• Isle Home Sale Surge Leads Nation (Star Bulletin)

“Honolulu showed the biggest jump in home sales of any metro area in the nation last month…”

 

“I think things are off and running again, Brewbaker said.”

Market Stats:

 

On page 3 we have the current Year-To-Date (YTD) numbers. The number of sales for Single Family Homes (SFH) are up for 2010 YTD by 29.1% versus the same time last year.  The SFH median price is $590K, up 7.3% YTD versus the same time last year.  For condos the YTD number of sales is up 47.6% and prices are down by $2K or .7% to $298K.

 

On page 4 we have the number of sales for the month of February.  The number of sales for SFHs was 157 in February, up from 129 in February of 09.  For condos sales were 231 in February, up from 160 in February of 09.

 

On page 6 we have the monthly median price.  For SFHs the monthly median price was $570K in February, up from $555K in February of 09.  For condos the median price in February was $298K, up $1k from $297K in February 09.

 

On page 7 we have the Median Number of Days-On-Market (DOM), or the median number of days that it takes when a property is listed for sale until it goes into escrow.  For SFHs the median DOM was down to 38 days in February compared to 69 days in February 09.  For condos the median DOM was 55 days, down from 70 days in February 09.

 

On page 11 we have the number of new listings.  For SFHs there were 380 new listings, down from 428 new listings in February of 09.  Condos were roughly the same with 560 new listings in February versus 568 in February 09.

 

On page 14 we have the Inventory of Active Listings. For SFHs, there were 1,221 homes for sale, down from 1,928 in February 09.  For condos, there were 1,693 units for sale, down from 2,507 in February 09.

 

On page 17 we have the Months Of Inventory Remaining (MOIR).  If we didn’t bring anymore homes on the market for sale, how long would it take to sell all of the currently listed homes for sale.  For SFHs the MOIR was 7.8 months in February, down from 15.8 months in February 09.  For condos the MOIR was 7.3 months in February, down from 15.8 in February 09.

 

This represents across the board changes in all areas of the market stats.  The market has changed.  Feel free to contact me with any questions and call me for the best guidance with all your real estate needs.