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| Single Family Home Sales: Median Price is down by 4% from February, 2012 to $600,000 from $625,000. Sales Volume is also down by 6 units, a 7.5% drop. The Average Sales Price has increased to $778,390, a 7.2% increase. Condominium Sales: Median Sales Price is up by 7.9% from February, 2012 to $340,000 from $315,000. Sales Volume is also up by 52 units, a 22.9% increase. The Average Sales Price has increased slightly to $395,353, a 1.8% increase. |
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| The Months of Remaining Inventory continue to drop in both Single Family Home and the Condominium Markets. SFH is down to 2.3 months and Condos are down to 2.6 months. I feel that this is a major factor influencing the the sales volume and prices. There simply is not enough inventory for all the people that are out there shopping to buy a home. |
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| This is the inventory of homes according the price range. If you are considering selling a home, see how many (or few) homes there are for sale in the price range of your home. In most cases, the conditions are favorable for a home seller. There are only a 136 SFH listings (3.1 months of remaining inventory) priced within +/-$50,000 of the current SFH median price range. There are 214 Condo listings (3.4 months of remaining inventory) priced around the Condo median price range. If you are shopping, these figures could assist you in determining how aggressive you need to be to get home that you are waiting for into contract. In most cases, you probably need to be prepared with your offer as soon as the first showing of the property is made available, if not even sooner. Haven't you been noticing that when a desired property comes on the market, you are informed that it is in escrow by the time you make an attempt to see it (especially if you are waiting for the first open house)? |
Rick Nakama
REALTOR® GRI SFR SRES
East Oahu Realty
6600 Kalanianaole Hwy #114
Honolulu, Hawaii 96825
Direct: (808)382-6761
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