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May Showers bring…Mud. |
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| The April Residential Real Estate numbers are in and things are looking like we are on the mend here on Oahu.
The National Association of Realtors defines a healthy Market as one in which there is a six month supply of homes available. Our March numbers were 14.7 months for single family and 16.1 for condos which was a near record high amount of inventory. The great news is in April we had a 9.7 months supply for single family and a 10.1 months supply for condos, so you can see the trend is going in the right direction! |
 Chillin' at Sandys |
| These numbers were not the result of a vast increase in sales but rather quite a few listings expiring or being withdrawn from the market. Sellers with overpriced homes that did not absolutely have to sell at this time are starting to wake up and smell the Real Estate Market Coffee
The inventory of active listings for April was 1,822 single family homes and 2,514 Condos, reflecting a drop from previous months. Sales nudged up slightly with 189 SF and 257 Condos sold. We are roughly at the sales volume we were at in 1999, according to the Honolulu Board of Realtors data. Real Estate trends here typically move in a ten year cycle. We saw a spike in the early 90′s due to foreign investment, which tanked as the Japanese Stock market bubble burst. Our spike in the mid-2000′s was due largely to the availability of domestic funds because of the loosening of mortgage requirements. And we all know where that has gotten us now… |
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I appreciate it, hope to keep you informed as to what’s going on in the Real Estateiverse
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I read your blog often and I just thought I’d say keep up the terrific work!