Honolulu May 2009 statistics… more good news

When the market began to slow here in Hawaii in the Fall of 2007, interestedly enough the median sales price from month to month did not decline very much. In fact, it stayed at $650,000 and $655,000 for the first half of the Fall before a decline to $610,000 for both November and December.  Keep in mind that our highest ever median sales price was $685,000 earlier that year.  During this Fall the days on market slowly began to slide to 51 days and then increasing into 2008.  So, another encouraging sign from this past week’s release of the latest Honolulu statistics was the decline in the days on market (DOM).  The DOM reached a lengthy 71 days which is considered rather long for Oahu if you examine the history. But, with delight, I saw that the average DOM for a single-family home has dipped to 49 days, a decline in over 30%.  This is simply amazing.

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