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Honolulu Real Estate Statistics For June 2010

Keahi Pelayo — Thu, 08 Jul 2010 20:10:05 +0000

CLICK HERE FOR STATS ON LOCAL HONOLULU COMMUNITIES

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

What The February Honolulu Real Estate Statistics Mean

Keahi Pelayo — Tue, 02 Mar 2010 21:42:31 +0000

The Honolulu Board of Realtors publishes its monthly statistical report concerning the real estate resale market for the island of Oahu. In general, reading the tealeaves, there are positive numbers throughout the report. In today’s video blog, I focus on the most relevant information and one number, not in the report, that shows a great deal of momentum in the Honolulu real estate market.

Click here to view the embedded video.

CLICK HERE FOR A COMPLETE COPY OF THE REPORT

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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.

More Video Blogs

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Honolulu Real Estate Stats Point To Good 2010

Keahi Pelayo — Mon, 04 Jan 2010 21:40:03 +0000

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!

SEARCH FOR YOUR HONOLULU HOME

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.

Honolulu Home Inventory Down To 2005 Levels!

Keahi Pelayo — Wed, 02 Dec 2009 06:22:47 +0000

I just did a quick review of the latest Honolulu Board of Realtors statistical report (it was released at 7:45 tonight) and I was surprised to see a drop in available single-family home listings to 1,199. Let me put this in context, we started the year at 1,903 houses for sale! This is the lowest level of available single-family homes since August of 2005 (when 1,060 homes were for sale). Who knows what this means, but I think it is great news!

CLICK HERE FOR A COPY OF THE REPORT

SEARCH FOR YOUR HONOLULU HOME

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.

Honolulu Real Estate Statistics

Keahi Pelayo — Wed, 07 Oct 2009 00:00:34 +0000

Click here for a complete set of the September 30, 2009, Honolulu Board of Realtors Monthly Statistical Report.

SEARCH FOR YOUR HONOLULU HOME

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.

Analysis of Core Honolulu Real Estate Statistics

Keahi Pelayo — Wed, 02 Sep 2009 22:56:47 +0000

In past posts I have made a distinction between the core of Honolulu’s real estate market and the rest of the island of Oahu. Furthermore, for many reasons (see past post), as a Honolulu Realtor I believe that this core area will out perform the other parts of the island in appreciation. Every month the Honolulu Board of Realtors publishes its statistical analysis for the island of Oahu and in general things look good.

Overall we have seen remaining inventory of single-family homes drop to 1,624, this number compares with July and August of 2005 (1,604 and 1,658 homes respectively). Condominium inventory is down to 2,140 from 2,494 in January 2009. Note that at the end of July 2008 there were 2,753 Oahu condos for sale. This month I have taken a much harder look at the core area that I define as Kamehameha Heights through all of Hawaii Kai.

Here are a few numbers that you may not find reported.

1. Year to date closed sales for the island of Oahu 3,677. Core Honolulu accounted for 1,724 (sfr and condos) of these sales or 47% of the market.

2. 598 sales closed on Oahu in August 2009 and, again, core Honolulu accounted for 246 of the sales, which equates to 41% of the sales in August.

3. Only 28% of the new listings for resale homes were in this core area.

4. Of the overall available freestanding house inventory only 22% was available in core Honolulu.

5. Remaining inventory of houses is 6.1 months.

6. Remaining inventory of condominiums is 6.5 months.

What does this all mean? To be overly simple, it means that, in this area, demand is out stripping the supply of homes. 47% of the annual sales and 41% of the monthly sales are generated from this area, but only 22% of the available inventory can be found in this core section. Low inventory and high demand means upward pressure on prices. Here are two more random thoughts.

1. The demand for Honolulu houses is for homes priced under $1,000,000.

2. The demand for Honolulu condos can be found for apartments priced under $500,000.

If our inventory continues to remain low and/or decrease then you may be seeing a bottoming in key Honolulu markets. If you are a buyer, I recommend pulling the trigger on a purchase now (especially with today’s interest rates)! If you have been waiting to sell, then now may be a good to get sold. If you are a property owner (in the core Honolulu area) and want to wait, you may find that your property will be worth more if you wait a few years.

SEARCH FOR YOUR HONOLULU HOME

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.

More On Honolulu Real Estate Statistics

Keahi Pelayo — Wed, 03 Jun 2009 20:27:03 +0000

In yesterday’s post, I noted that the Honolulu Board of Realtor monthly statistical report held 5 numbers that might show the Honolulu market in line for a short-term bump. I also predicted that the following, “Since the report was released yesterday afternoon, Honolulu’s local on-line newspapers (Honolulu Advertiser & Honolulu Star Bulletin) have yet to comment. If I have to guess, I bet that they will be negative about the market!” In two cases I was pleasantly surprised, however, the Honolulu Advertiser kept true to form by leading with a negative headline. Here are the headlines each organization used to describe the same set of statistics.

Pacific Business News (PBN) “Oahu home sales show signs of recovery”

Honolulu Star Bulletin “Reasons to be upbeat”

Honolulu Advertiser “May home prices on Oahu down 15.3%”

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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.

Honolulu Real Estate Statistics, An Interpretation

Keahi Pelayo — Tue, 02 Jun 2009 20:44:43 +0000

This month’s Honolulu Board of Realtors statistical report has 18 pages of very interesting information. Since the report was released yesterday afternoon, Honolulu’s local on-line newspapers (Honolulu Advertiser & Honolulu Star Bulletin) have yet to comment. If I have to guess, I bet that they will be negative about the market! Surface numbers such as median prices (down) and year on year sales comparisons (down 43.2%), look negative. However, if you dig into the report, there are some encouraging numbers. Here are five (5) that caught my eye.

1. 1,739 single family homes available for sale. This is a low number and it is comparable to January of 2007, May of 2006, November of 2005, late 2004 and early 2003. Low numbers of houses for sale drive the Honolulu condominium market, because as fewer homes are available interest in condo’s rise. Add into the mix the idea that our summer months generally see the most sales in a given year and it is easy to predict that there will be a positive bump in the market. As for the market strengthening over the long term…only time will tell.

2. Low median days on market. We ended May with homes that sold going to contract in 49 days and condos did it in 52 days. Historically, if the median number of days from listing a property for sale to accepting a purchase contract is 60 days or less, then the market favors sellers. These numbers tell me that the market is favoring well-priced sellers.

3. Months of remaining inventory. There are 9.2 months of single-family (SFR) inventory and 9.5 months of condominium inventory. This represents the 3rd consecutive month that the amount of remaining inventory has dropped (In February there were 15.8 month of inventory for both SFR’s and condos). This is a good number and as it draws closer to 6 months, you will see the market begin to favor sellers and not buyers.

4. 488 closed houses and condos. This is the 5th consecutive month that the number of properties that sold was greater than the previous month. The growing number of sales is probably one of the main reasons that Honolulu’s inventory has shrunk.

5. Median prices. The median price of sold homes is $550,000 and condominiums are at $305,000. This number is good for sellers and buyers! For most sellers that have owned on Oahu for more than five years, these prices represent a significant increase. For buyers, the prices represent an opportunity to purchase at a discount from the highs of $685,000 and $337,300.

In summary, it is difficult to tell whether these numbers indicate a long-term shift in the real estate market. However, they are in the right range for a short-term bump that may translate to an ongoing healthy market.

CLICK HERE TO SEARCH FOR YOUR NEW HOME

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.

Key Honolulu Real Estate Indicators Going The Right Way!

Keahi Pelayo — Wed, 06 May 2009 20:35:21 +0000

The April 2009 Honolulu Board Of Realtors Monthly Statistical Report (CLICK HERE FOR A COPY) has been analyzed in a negative manner by the major media. They seem to focus on the on April 2008 to April 2009 drop in median sales price of single family homes from $639,000 to $585,000 (an 8.5% move down). However, when you look deeper, there are three numbers that tell me things are going to be okay. Here they are.

1. Inventory Of Active Residential Listings (page 12). There were 1,822 active single-family listings. This is a 133 listings less than the year before a drop of 6.8% in inventory! 1,822 listings is not a great deal of inventory. In fact, the traditional belief by many brokers is that anything less than 2,000 active SFR listings means we are going into a period that favors sellers. Given today’s interest rates and pent-up demand, if the number of homes for sale should drop under 1,600 we could see a significant shift in the market.

2. Months Of Remaining Inventory (page 16). The number of months of remaining inventory of Single Family Residence (SFR) moved from 14.7 months in March to 9.7 months at the end of April, that is a switch of 5 months! Be aware that 6 months or less of inventory is considered to be a strong sellers market.

3. Number Of New Residential Listings (page 9). Year over year the number of new SFR listings taken dropped by 26.3%, from 639 to 471 homes. New condo listings dropped by 33.3%, from 858 in April ’08 to 572 in April ’09. Combined with #1 and #2 above, this summer season may be a good time to sell, as there may be less competition and more buyers.

CLICK HERE TO SEARCH FOR YOUR NEW HOME

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.

Honolulu Real Estate Statistics

Keahi Pelayo — Thu, 06 Nov 2008 23:15:07 +0000

The Honolulu Board of Realtors released the October Monthly Statistical Report (CLICK HERE FOR A COMPLETE COPY) earlier this week. In general, I would like to see more positive numbers, but in no way should anyone be overly negative. There are three sets of numbers that can be encouraging depending on the market segment you are viewing.

1. Median prices. Median prices rose to $625,000 for houses and $325,000 for condominiums (from $590,000 and $296,000 respectively last month). This shows that values are not plummeting! I believe that values are declining in an incremental fashion, but we will not see quick declines in price (barring a catastrophic economic failure). This slow decline could result from moderate levels of inventory (see #3 below).
2. Median days on market. Houses that sold were on the market 52 days and condo’s lasted 53 days. Traditionally in Honolulu, 60 days on market or less means that the market favors sellers. Given how close the number is to 60 days on market, one could say that the market may be leaning toward favoring buyers. It is not, however, a large enough number to justify thinking one is going to get significant discounts on properly price property.
3. Moderate levels of available inventory. There are 2,107 active house listings and 2,663 active condominium listings. These listings are not evenly spread across Oahu’s market areas. So there are some neighborhoods (Ewa Beach and Waikiki as examples) where there is a lot for sale and therefore really goods buys can be had. However, core Honolulu has very low inventory in most segments and it is still getting good prices. Sections of the market that would be considered in the sweet spot of affordability are staying strong. And on the flip side, once you get above certain prices you will see more flexibility in the price.

Today’s picture is of my daughter’s cat. It was taken this morning. She likes to sit on the table while I check email and prepare for my day.