Honolulu Real Estate Stats Point To Good 2010
January 4th, 2010 categories: For Buyers, For Sellers, The Market
I haven’t seen anything posted by the Honolulu Advertiser or Honolulu Star Bulletin regarding the recently released December (12/31/2009) Honolulu Board of Realtors statistical report.
Below is a summary of the salient statistics.
Total Number Of Sales (Houses & Condos)
2008-6,674 2009-6,052 622 fewer units sold (down by 9.3%)
Median Number Of Days On Market
12/08 Houses-65 days 12/09 Houses-34 days (-48%)
11/08 Condos-53 days 12/09 Condos-36 days (-31%)
Inventory Of Active Residential Listings
12/08 Houses-2,033 12/09 Houses-1,100 (-46%)
12/08 Condos-2,634 12/09 Condos-1,588 (-40%)
Months Of Remaining Inventory
12/08 Houses-12.0 months 12/09 Houses-4.2 months (-65%)
12/08 Condos-13.1 months 12/09 Condos-4.6 months (-65%)
Number Of Units Sold
12/08 Houses-194 12/09 Houses-265 (+37%)
12/08 Condos-243 12/09 Condos-349 (+44%)
CLICK HERE FOR A COPY OF THE DECEMBER HONOLULU BOARD OF REALTORS STATISTICAL REPORT.
What does this information lead me to predict?
1. Extremely low inventory means that the Honolulu real estate market should be brisk in January and February. I’ll go out on a limb and say that it will be the best seller’s market we have seen in the last 2 years.
2. Low interest rates, tax credits for first time buyers and move up buyers and continued improvement in the national economy will add fuel to a seller’s market fire.
3. Restrictive lending and appraisal guidelines will be a damper on price appreciation. This may mean buyers will be able to by at okay prices even though the market should strongly favor sellers.
With all of this in mind, if you are a buyer, it is a terrific time to buy! If you are a seller, low levels of inventory favor sellers and now may be a good time to sell!
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Great way to send out the information. Simple and easy to read. Good for everyone.
Keahi I couldn’t agree more. I’m already getting lots of calls from buyers, only 2 business days into the year!
I’m sure 2010 will be a very strong market for Hawaii real estate!