Market Activity November Statistics for Kaneohe Homes November 2011
This is for OAHU tax zones 1-4-4 to 1-4-7
** The below does not include, for sale by owner sales and any new home sales
(data obtained from Honolulu Board of Realtors MLS)
Summary of Facts and Potential Trend Analysis
* For November there were 117 houses for sale in Kaneohe
* Average market value for single family homes is $660,000 which is down from the same month last year at $744,000
* DOM stands for days on market
* Kaneohe Homes Closed Sales increased 31.3% which is consistent with Year to Date at + 28.5%
*Closed condo sales were the same for November which is fairly consistent with Year to Date figures at a positive 0.7% higher
This compares to ISLAND WIDE, for both houses and condos, closed sales are DOWN Year to Date by 1.8%
* In talking with Real Estate agents at seminars, meetings and luncheons, the general talk is that the overall number of buyers looking are increasing. Many of the off island buyers are coming from the West Coast and the Orient. We have been told to expect the Chinese and Latino market to increase over the next two years.
NOV CLOSED SALES Bar Chart for Single Family Homes in Kaneohe
NOV CLOSED SALES Bar Chart for Condos/Townhouses in Kaneohe
With DOM being around 1-2 months, the months of remaining inventory hovers around 5-6 months. Because median market prices reduced, buyers reacted with an increase in closed sales. I foresee this changing in the coming months, since various news sources and the Honolulu Board of Realtors statistics show that, island wide, we have the lowest inventory since 2005. Either there will be a lot of buyers coming out of the woodwork or a lot of sellers who have been holding off, may place their properties on the market. NOW is a great time to purchase. Rates are low and
opportunities abound. Call us today 808-955-1577.