% of Total Inventory For Sale with Just Accepted Offers (ACS) (2/13/07) Oahu SFH = 23% / Oahu Condo = 23%
The Map above represents some of the many Neighborhoods on Oahu that identify the % of Inventory that has just gotten an Accepted Offer as compared with Total Inventory For Sale in this Neighborhood. In my 'opinion' this is a much better way to track what is 'really happening' than looking at Sold Data that 'other' Realtors will present to you. The Sold data you have to realize is for the most part 45-50 days Old. The listings with Just Accepted Offers (ACS) are only 3 Days Old. This gives you a Clearer Indication of Demand vs. Supply.
"A Drum Roll... Please!
Usually the start of the Selling Season every year where the Activity for Selling and Buying is at an All Time High is the End of March through October.
Well... Have I Got A Surprise For You! (By the time you read this, this data is going to be 2 Weeks Old. So if you want an update, please email me.)
"The Selling Season... Has Started NOW!"
The Oahu Map above has Just Accepted Offers (ACS) %'s at the Highest rates I have seen in a long, long time for BOTH SFH's and Condos! 23% EACH!
If you were thinking of Selling this Summer when you are more apt to get the price you want DO NOT WAIT ANY LONGER. Get that Home Ready NOW! By the time you are truly ready to sell it might have taken you anywhere from 2-4 weeks to get it prepared properly. THERE IS NO TIME TO LOSE!
If you were thinking of Buying this Summer, I would not wait till then! I would start NOW! If you have already been looking I would strongly suggest you REDOUBLE your efforts.
If you Buy Now and No Later Than April you will 'catch the beginning of the Wave.' If you wait till after April you are going to be competing with the Whole World in a Tighter Market!
Oahu Inventory For Sale
Overall Inventory For Sale for SFH's during the last 12 months has increased by +10% Island Wide. For the last 4 months it has dropped by -14%. Condo For Sale Inventory has increased by +7% for the past consecutive 12 months. For the last 5 Months it has dropped by -17%. During the 'Holidays' is when most Sellers who 'Really' had to sell and didn't, took their properties Off The Market and will either wait for Spring to Re-Sell them when Sales should 'Seasonally' pick up or they have Rented Them. The Withdrawns and Expired Listings For Sale which I insist you need to pay attention to have been Rising Significantly.
You Really Have To Pay Attention to those Withdrawn and Expired Listings
SFH Withdrawns+Expireds =19% of Total Inventory. Condo W's+E's = 19%
Sales for SFH's are off slightly from the previous month by -9%. Total SFH Sales this period were 418.
Sales for Condos dropped slightly over the previous month.
Some Fun Stuff to Ponder!
On the Oahu SFH W's+E's vs. Solds you can see the DISPARITY in the Month of Jan.'07 between Withdrawns and Expireds vs. Sales. I believe this is a Clear Indication that we will see Price Drops in Single Family Homes! You can also see this in the Second Graph Median Price Sold vs. Median Price New Listings For Sale. Look at the CURVE!...... DOWN. I believe this confirms my first assumption that will see more price decreases in SFH's.
Expireds and Withdrawns were going through the Roof beginning '06 but as we get into Jan.'07 we see a significant figure in Sales almost matching Expired and Withdrawns. From the Graph below it looks like we have a ways to go to see yet see price reductions in Condos.
Mike's HOT BUTTON THIS MONTH!
O.k... we all know how 'opinionated I can be and some times I just tell it 'like it is.' So here goes!
Heck, by the time you read this you would have thrown away this last Sunday's Honolulu Advertiser, Homes Section, Full Page Ad and Article PAID FOR BY A MAJOR REAL ESTATE BROKER SPONSOR! (Again)
Dose This Look Like They Are Going UP to You?!?
Remember the Difference between a Seller's Market and a Buyer's Market?
What Do You Think... Now?
Last month I received many replies to my article regarding who I thought were some Inspectors to use in purchasing a Home. It made me think that maybe many of you would like more advise on this 'type' of information of similar lines.
If you anyone needs 'Specific Information Topics' to be discussed in more detail please email me and I will dedicate a whole article to the topics next month.
As for some more information on Inspectors... IT IS A VILOLATION FOR ME TO SPECIFICALLY RECOMMEND SOMEONE TO YOU... IT COULD BECOME CONSTRUED AS 'STEERING.' YOU MUST CHOOSE ON YOUR OWN! IT IS NOT YOUR REALTOR'S RESPONSIBILTY TO EITHER PICK OUT DEFECTS OR EVEN EXPRESS 'OPINIONS' TO YOU ON 'POSSIBLE DEFECTS' IN A HOME... or WHO TO CHOOSE FOR INSPECTORS.
YOU MUST USE A PROFESSIONAL FOR THIS PURPOSE. NOT YOUR REALTOR. THEY ARE REALTORS... NOT INSPECTORS!
From my many Sales and Satisfied Clients I will always leave these choices up to the Buyer or Seller. From my experience I usually ask them to interview several Inspectors from the Fields they have a need for. This could be a Home Inspector, Termite Inspector, Structural Engineer, Mold Inspector, etc.
As far as I know, "To the BEST of MY KNOWLEDGE" ( you should always hear this line from your Agent... if you don't... think about it!) Home Inspectors do NOT need to be licensed in the State of Hawaii. But... they can be part of a National Association of Home Inspectors! Check with Them!
Termite Inspectors "To the BEST of MY KNOWLEDGE" have to be licensed. You can use a Termite Co. You can use an Entomologist. Your choice... but I 'lean' towards one of them.
Mold Inspectors... I honestly have to say I have not had enough experience in this area. Only ONE client has ever asked me to get one for them. BUT... this is becoming a more and more frequent request by Buyers and Sellers. There are a few very good MOLD Inspectors on the Island. They are easy to find. 'If in Doubt... get one!'
That's it for me this month. Please remember to send in any questions you have to my email and give me some Topics you all would like to hear about in next Month's Column.
Much Aloha! Mike Gallagher/ Realtor/ RE/Max Kailani 237-5300 Office.
If you have questions or need a MONTHLY CUSTOMIZED REPORT on any Neighborhood... JUST EMAIL ME... firstname.lastname@example.org
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