Well, the February Stats are out from the Honolulu Board of Realtors, and they are really a mixed bag – some good, some not so good and some that just makes no sense at all. We may have found our bottoms, though it is still too early to tell. Kahala had a great month with sales up 50% and median prices up 38% – though I don’t expect the media to mention that.
February 2009 Housing Stats From HBR
Here is a brief summary of the attached pdf from HBR:
SALES: The number of Single Family Home sales was up over January’s 122 by just a bit at 129, and still way below last year’s 163. Condo sales of 160 were just 1 over the 159 of January and about ½ of last years 321.
PRICES: Single Family Home prices of $555,000 were up from January’s $539,500, and below last years $599,000. Condos were at $297,000, down slightly from January’s $305,000 and below last years $335,000. The media will be howling at full voice. Time will tell, however, and we may have seen our bottoms. The September 2008 condo median of $296,000 and January `09 SFH of $539,000 may be the bottoms. We will know in a few months.
DOM: Days on Market were down for SFH to 69 in February from 71 in January 09 and above last years 59. Condos were up from January’s 59 to 70 in February 09 and above February 08’s 50 days.
INVENTORY: Inventories were about the same, with SFH at 1,928, up from January’s 1,903 and almost identical to February 2008’s number of 1,924. Condos were up slightly to 2,507 from January’s 2,494 and above February 2008’s 2,476. Again, inventories are remaining relatively flat.
MORI: And now for the weird one, month’s of remaining inventory. SFH was at 15.8, up from January’s 9.8 and February 2008’s 8.4. Condos were also 15.8, up from 10.3 in January and 7.6 in February of 2008. These numbers don’t make much sense and will probably settle down next month. These big MORI numbers just appear from time to time.
Let’s see what kind of headlines the Advertiser and the Bulletin will put out tommorow, it should be interesting.
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