By Michael D. Vairin
(Hawaii)–Overall, conditions are very positive, especially for home sellers. Sellers are seeing many serious buyers in the market who want to take advantage of extraordinarily attractive interest rates. Visits to Open Houses are high and some homes are being snapped up even before their first open house is held.
Single Family listings are down from a year ago by about 14%, which is reflected in the months of supply, down from 6.5 months from a year ago to 5.6 months currently. Total inventory is down from 1,688 homes a year ago to 1,406 currently or 16.7% lower from a year ago.
Condominium listings are also down from a year ago by about 10%, also reflected in lower months of supply, down from 6.8 months a year ago to 5.5 months currently. Inventory is also down from 2,276 condos a year ago to 1,869 currently or lower by 17.9%.
Following are a couple of charts showing the last 12 months of sales and prices for both Single Family and Condominiums.
Sales of Single Family Homes and Condos as of November 30, 2011
In November 2011, sales of single family homes were up 1.2% compared to November 2010. Sales of condominiums were up 5.4%. This is the fourth month in a row that condominium sales have been up over the prior year.
Median Sales Price of Single Family Homes and Condos as of November 30, 2011
The median sales price for single family homes increased 1.0% in November 2011 compared to November 2010. The median sales price for condominiums decreased 5.4% compared to last November. By quickly reviewing the charts, you can see the stability ofOahuhousing prices over time. There are variances by neighborhood, so please check with me for information about your neighborhoods of interest.
Please consult with a licensed real estate professional to fully understand your specific options and strategies to provide you with maximum value, whether you are a seller or buyer. There are many nuances and sub-market differences that will impact each individual property. I would welcome the opportunity to provide a free market evaluation and analysis for your real estate needs.
Michael D. Vairin, RA – Coldwell Banker Pacific Properties – mvairin@cbpacific.com – www.hawaiihomesjust4you.com