Market Stats through first 6 months of 2008
The first 6 months of statistics for Oahu, HI are now available through the link below. There is truly a wealth of information in them and probably something for everybody whether you are a buyer, investor, seller or homeowner wondering about a move.
The most significant stats in my opinion is the reduction of units sold which is compounded by the increasing numbers of units available for sale. We will normally refer to this as the "Monthly Inventory" and as the numbers of months required to sell the existing inventory increases, it becomes more and more of a buyers market. The number is reached by dividing the listing inventory by the number of units sold, or in Oahu's Single family for instance:
2,080 (currently listed homes) / 252 ( homes closed in June '08) = 8.3 months
This number in a vacuum means very little and is more helpful when compared to a different time period. For instance as compared to a year ago, the same data was:
1,806 (# of homes listed June '07) / (357 (#number of homes closed June '07) = 5.1 months
This represents an increase in the monthly inventory of 3.2 months which is a very significant increase. It has been trending up all year and is one of the key numbers to watch when looking at the "health" of a market place. This information is on page 17 of the linked report and is also broken down by specific areas and price ranges. For Ewa Beach, Kapolei and Ko Olina refer to the Ewa Plain area and Makakilo has her own area's listing.
Another very interesting statistic is that in June 2008 the average Days on Market (DOM) was actually the lowest it has been since 2005. This would indicate that some properties are selling very quickly while others are languishing. In other words, there are good values and they are being bought quickly and there are others which are simply not selling. As REALTORS, we always try to explain to our listing clients that your initial entrance to the marketplace is the most important move you make. Pricing, condition, advertising presence, documentation and ability to show the property should all be in place on Day one of your listings availability.
Testing the market price or prematurely making your property available can damage your longterm results by losing the buyers with the highest level of interest while you take care of the loose ends. A new listing will often have more showings in the first 2 weeks of it's marketing period than during the next 30 to 60 days, and those first 14 days were the people who for a number of different reasons were possibly the most interested in your property.
Long story short, homes that are priced right, staged well and marketed with a high impact entry to the marketplace are still selling and selling fast. If you choose to be one of those properties, the market is there.
I hope you are able to take sometime to peruse the report and that it helps you to analyze your position. If you'd like to spend some time to learn what all those statistics mean to you, I'm always available to get together with you and listen to your goals and give you an honest opinion of how you might consider getting there.
In the meantime... Happy 4th of July and I am reminded as I write of how fortunate we all are to have the possibility of Home Ownership available to us in the first place.
June 2008 HBR housing statistics
Mahalo for your interest. If you would like to visit my real estate website or would like my contact information, here is the link.