The market here on Oahu, Hawaii has definitly picked up. True listings are getting more offers and the inventory is shrinking. There was listing the other day that got 30 offers. You can feel the activity just by being at the office.
The first report below reflect the number of resales and the median price over a 3-month period. While the total single family resale slowed down from 913 resales (Oct 06-Dec 06) to 841 resales (Jan 07-Mar 07) there was still a slight increase of .8% in the median price.
Condos went up in resale numbers from 1,291 resales (Oct 06-Dec 06) to 1,324 resales (Jan 07-Mar 07) while the median price also went up another 1.7%.
As you can see from the 2nd report below, the months of remaining inventory went down on both single family homes as well as for condominiums by almost a month. "Months of Remailing Inventory" (MRI) around the 6-moth mark indicate a balanced market between Buyer and Seller. Anything below this mark is more favorable towards a Seller's market while anything above indicate a Buyer's market.
Another market indicator is shown at the bottom reflecting the number of acitve listings on the market. The inventory has definitely gone down telling us that Buyer demand is growing again. Single family home inventory has been shrinking for the past 4 months while the condominium inventory shrank for the past 6 months.
With our busiest season being right around the corner, summer usually being real estate's busiest season, I feel very postive about our real estate market here. The economy here is still strong (Hawaii being the lowest in unemployment rate). There is a lot of constuction still going on with a lot more being planned. Interest rates are still very low. The biggest postive factor that we have here is that this is Hawaii we're talking about. It's a very unique market with a lot of international and domestic investors and second home buyers buying into a peice of paradise.
Please let me know if you would like my Hawaii Real Estate Market updates.
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