California Improvements Could Help Honolulu

September 29th, 2008 categories: For Sellers, The Market

Classic Coconut Ave. Kamaaina home

Hip, hip, hooray! California is generally considered a bell weather indicator for real estate and the economy. A recent article in Pacific Business News shows that California’s number of months of remaining inventory and the days on market have dropped significantly as compared with August 2007. This bodes well for Honolulu home and condo sales because as California improves, this improvement will translate to Hawaii.

“The unsold inventory index for existing, single-family homes in California during August dropped to 6.7 months from 10.6 months for the same period a year ago, according to a report Thursday by the California Association of Realtors.

The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

The Realtors’ organization said the median number of days it took to sell a single-family home was 47.3 days in August, compared with 54.7 days in August 2007.

The August report showed sales were up 56.7 percent statewide while the median home price fell 40.5 percent.”
CLICK HERE TO READ THE PBN ARTICLE

There are many moving parts in the current economic environment and this report could foretell a bottoming market. If I am right you heard it here first! If I am wrong (and I could be), then I am wrong.

Other Posts Worth Reading
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Realtor Code of Ethics
Determining Offering Prices

This entry was posted on Monday, September 29th, 2008 at 6:00 am and is filed under For Sellers, The Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.