The summer market is in full swing, yet the market appears to be doing better than just the normal summertime activity.  The number of sales are up for SFH’s for the 5th straight month.  Inventory is down again for SFH’s for the 4th straight month (7 out of the last 8 months).  We are at inventory levels now that you have to go back to 2006 to see.  In some areas there is less than 5 months of inventory on the market. (A balanced market is 6-7 months of inventory).  The number of buyers in the market is still very low, however, the supply of homes has decreased  to help offset the fewer number of buyers and is helping keep prices stable.  Since about two months ago, buyers appear to be moving back in to the market. Is this a changing market?  We may be getting there, but lets take a little more time to see what develops as well as what goes on in the economy.  If you are looking to buy, don’t wait to see the market has changed, Take advantage of these low mortgage rates, fewer competition from other buyers and discounted prices. 

 

If you would like to view June’s entire 20 page report, click on June Stats.  You can view all previous monthly and quarterly stats at THE Resource Center.

 

Sales are up Again: Year-To-Date (Y-T-D) Single Family Home (SFH) sales are down 21.7% from the same time last year, however, just last month Y-T-D sales were off 28.7%.  June 2009 sales (254) are up 9.5% over June 2008 sales (232).  This is the 5th straight month of increased number of sales for SFH’s. Y-T-D Condo sales are off 36.1% from the same same 6 months last year.  The number of condo sales has increased for 5 consecutive months now, but June 2009 sales (293) were down 17.3% compared to June 2008 (355).

 

Prices are Up and Down?: Y-T-D prices of Single Family Homes are down 9.4% for the entire island.  June 2009 prices ($569,000) are up from May 2009’s price ($550,000), however, is down from the June 2008 median home price ($625,000).  Y-T-D condo prices are down 7.6% from the same 6 months of 2008 for the entire island.  June 2009 condo prices ($310,000) are up from May 2009’s price ($305,000), however, are down from the June 2008’s median condo price of $327,500.

 

Sales Speed Fastest This Year:  The Median Number of Days On Market (DOM) or how long it takes a home to be sold once it is brought on the market, was at it’s fastest rate for this year in June.  The median number of DOM was 45 days for both SFH’s and condos. 

 

Inventory Continues to Shrink:  The number of available properties on the market for sale decreased again for both SFH’s and condos.  For SFH’s the inventory decreased again for the 7th time in 8 months to 1,700 homes.  These inventory numbers were last seen during the boom years in 2006.  Condo inventory decreased for the 3rd consecutive month to 2,381 units for sale.

 

Months of Inventory Remaining (MOIR):  This basically means, If we didn’t bring anymore homes on the market, how long would it take us to sell all of the inventory?  For SFH’s it is down to 7.6 months! For condos the MOIR is down to 9.1 months.  A balanced market is 6-7 months of inventory remaining.

 The exceptions:  The exceptions to all this is the $1.0million SFH price range.  This price range has sped up significantly, but still has a fair amount of inventory at 26 months of inventory remaining.  The North Shore has 32.5 MOIR.  For the $500K condo market there is 15.4 MOIR and North Shore condos have 23.5 MOIR.