It seems like the island is picking up a bit. Lots of activity…..showing requests…..interest rates still down. Foreclosures and distressed sales still dominate the activity but with this momentum, they are being absorbed at a pretty steady pace. The speculation now is about when we will deplete all this inventory and prices start to adjust upwards again. I was impressed by the amount of property under contract and in escrow this week. Comparing “in escrow” to active listings is something that really shows the tempurature of current market interest. This activity represents buyers who have been active in the last thirty days and made the decision to move on something.
I am also glad to hear more and more assumed authorities in the world of Hawaiian Economoics are now a much more unified voice. Everyone is affirming the end of recessionary conditions and while we are not building much of a head of steam, commerce is being conducted and confidence is returning with the light clearly at the end of this long tunnel. I know some of my faithful readers will argue that point but my counter on that is “economies are very local” and Hawaii was recently ranked 15th in the nation in terms of economic health so keep that in mind.
Mr. Opportunity is most definitely knocking! Reposition everybody….reposition!
Sold Previous Month (**this year/previous year)
** Number of units sold compared to a year ago for the same period 2010/2009