Our April numbers are again reinforcing our prediction that the housing recovery for Oahu is on its way. Sales activity was again brisk in comparison to the same time last year. Single family sales (SF) increased a whopping 52.9% and condo sales (CND) were up by 48.3%. Days on market decreased again, down 28.8% for SF and 32.3% CND, and inventory also decreased by 6.3% SF, 10.6% CND, with overall remaining month’s supply down 30.2%. Median prices dropped a bit, down 6.2% SF to $563,000 and down 2.2% to $308,000 for CND. That number though small was kind of surprising because what we see out in the market is that more multiple offers are coming in and there’s more competition now for the best priced properties. With more action on the lower priced inventory, one would assume that the next month’s supply will go higher in price.What we are waiting to see is if there will be any significant fall out in sales with the end of the Federal Government’s $8000 tax credit for first time home buyers. The initial word I’m getting from across the country is that the stimulus worked and the momentum is there to carry us into a strong summer market. What might be more damaging though is the increase in interest rates which is most likely to happen soon. With consumer confidence numbers up and retail sales figures up, we hope buyers will have more confidence to make large purchases and override any increase in the mortgage rate. I will know more about what’s happening across the country once I return from our REALTOR Mid Year and Congressional meetings in Washington DC. One of the best meetings I get to sit in is the State President’s meeting where all the 50 State Presidents (plus Guam) report on what’s going on in their state. I will be sending a report back to our local reporters and posting an update on our web site so keep checking back for breaking news. Remember, if you are thinking about buying or selling, please give us a call, we’ll be glad to assist you in any way we can!
*statistics provided by the Honolulu Board of REALTORS and National Association of REALTORS