Mililani - My Neighborhood Statistics for April 2008

Every month the Honolulu Board of Realtors publishes the Monthly Statistical Report for 19 Neighborhood groups on Oahu. And every month, I play a little game with myself, seeing how my "gut feeling" of what the market is doing compares with the raw data that the HBR supplies.

Although I concentrate on my beloved  Mililani neighborhood, about one third of the neighborhoods fairly mimic the statistics of Mililani. The other two-thirds numbers can be radically different in any number of the categories that are measured. This little fact emphasises the importance and value of the "Neighborhood Expert" in the real estate business.

This month, although the overall trends are still in play, my gut was a little surprised by the measured numbers for Condominium sales, specifically that the Median Price for Condominiums reversed the trend of the last three months and dropped, both for year-to-year (-9.3%) and month-to-month (-1.6%). I was surprised, because I was encouraged by the noticeable trend of condos being sold faster month-to-month over the last three months: Days on Market were 50 in February, 39 in March, and 33 in April. Sold Prices also had been showing in the positve ranks as well, having risen 0.8% in January, 3.3% in February and 3.6% in March.