If you would like to view October’s entire 19 page report, click on October Stats.  You can view all previous monthly and quarterly stats at THE Resource Center.

“For the first time since June 2006, inventory for Oahu’s single-family homes and condominiums dipped below five months, sending a positive signal to real estate watchers that the market is beginning to favor sellers.Sales and pending sales were up in both markets, too; however, prices, which were still contracting last month, are not following the positive trend…”

 

Market Stats:

 

On page 3 of 19, the Year-To-Date (YTD) sales started off the year (January) down 45% for single family homes (SFHs) from the year before and down 50% for condos from the year before.  Now our sales YTD for SFHs are off only 11.3% compared to YTD 2008 sales, and for condos are down only 21.8%.  The YTD price for a SFH is down 8% and for condos is down 7.7%.  Clearly an improvement in the number of sales, and price seems to have flattened out for now.

 

On page 4 of 19 we have the number of sales on a monthly basis.  Just look at the graph to see what has been going on right now.  The number of sales for SFHs was 281 in October, compared to 244 last month and 243 in October 2008.  For condos the number of sales was 381 in Ocotber, compared to 345 last month and 316 in October 2008.

 

On page 7 of 19 we have the Median Numbers of Days-On-Market (DOM) from when a property is listed to when it goes in to escrow.  These numbers appear to be moving sideways with SFHs having a median DOM of 52 days in October, while condos had a median of 47 DOM.

 

On page 11 of 19 the number of new listings continues it’s downward trend as there were 371 new SFH listings in October compared to 477 in October of 2008.  For condos there were 517 new listings compared to 646 in October of 2008.

 

Page 14 of 19 shows the Inventory of Active Listings.  This number is big for maintaining a stable market.  Just look at the graph for what inventory is doing.  Inventory for SFHs (number of homes on the market for sale) in October was 1,282 compared to 2,107 in October of 2008.  That is almost half the amount of available homes for sale.  For condos there were 1,828 available in October, compared to 2,663 available in October 2008.

 

Page 18 of 19 is a big eye opener as well.  This shows the Months-Of-Inventory-Remaining (MOIR), also described as, if we didn’t bring anymore homes on the market, how long would it take to sell all the homes currently available for sale.  A balanced market is considered 6-7 months of inventory remaining. Looking at the graph it looks like someone climbed a latter at the beginning of this year and then jumped off once they reached the top.  You can see inventory for SFHs increased from 2 MOIR in mid 2005 to it’s peak of over 15 MOIR in the beginning of 2009 and has since plummeted to it’s current location of 4.6 MOIR.  For condos we see the same effect of inventory as it increased from it’s lows of 1.2 MOIR in mid 2005 to it’s peak of 16.1 MOIR in early 2009 and now has plummeted to it’s current location of 4.8 MOIR.  This should help keep our market well balanced.  There is less for buyers to choose from right now.

 

 

 Feel free to contact me with any questions and call me for the best guidance with all your real estate needs!