November showed fewer sales than October but with a lesser months supply of homes on the market. I’d like to think that the overpriced stuff is starting to trickle off the market, but it may just be the “Homes Don’t Sell during the Holidays” Myth. I’ll play “Real Estate Mythbuster” after I give you the numbers.
In November there were 4,751 active residential listings on Oahu, which was an 8.6 month supply of homes if no new properties came on the market. 833 new homes came on and only 371 of the total inventory sold…OUCH!
I’m seeing fewer listings and more “Temporarily Withdrawn” or “Withdrawn” properties in the Multiple Listing Service so far this first week in December. Di you know that lazy agents convince their sellers not to market their properties over the holidays on the misguided concept that “Homes don’t sell from Thanksgiving until after the New Year”. That is not true.
What these agents are actually doing is making sure they have vacation time for themselves and not doing their sellers any favors. In fact: fewer homes on the market over the Holidays means motivated Sellers have less competition. Buyers who HAVE to buy before the end of the year, for tax or job relocation reasons, are out there actively looking. Homes show better during the Holidays because sellers typically keep up appearances for guests dropping in. Lots more reasons to buy and sell this time of year, contact me for more info.
I’m working on putting up the Quarterly Honolulu Board of Realtors Activity Report. It’s a monster PDF File that right now is bogging down my WordPress account until I can figure out a fix. If you want a copy of the report emailed to you let me know.
In closing: as I write this post I’m looking out my window and I am seeing the mountain passes where 67 years ago on December 7, 1941 the Japanese flew through to Pearl Harbor propelling America into World War II. Very humbling. I am extremely grateful to all our military, past and present. I truly believe that their sacrifices over the generations have allowed me to be sitting here living the life of freedom in America. Agree with me or disagree with me: that is the beauty of the whole thing.
Aloha from Hawaii,
Here are some quick facts about the Month of October in Oahu Real Estate:
Last month there were 4,770 homes for sale on Oahu, which is a 9.8 month supply if no new homes come on the market. Well, only 559 of these sold and an additional 1,123 new homes were listed.
There is a lot of overpriced, stale goods sitting on the shelf for too long. I blame uneducated and unmotivated sellers as well as incompetent real estate sales people who do not know how to properly price a property as well as not in control of their sellers.
Why take a listing you can’t sell? I just don’t get it. I talked to an agent who bragged “I have seven Listings right now!” Whoopty-doo…I looked them up in the Multiple Listing Service and they were over priced buy as much as $20,000- $100,000! It’s an ego thing I guess…makes them think they are working.
But not properly pricing a property to generate offers and sell is hurting the motivated sellers who have to sell. And making it harder for the Realtors who know how to work this market properly and professionally do business.
There are properties that were listed and closed within 30-45 days last month. These were priced properly for the market and the sellers were motivated. So if you are buying right now there are some really good deals out there.
Who do you know that needs my help buying or selling Real Estate? I appreciate your referrals!
Wishing you the best for you, your family and your friends this Holiday Season!
I am “The Real Estate Biz”, active in Hawaii Real Estate as a Realtor since 1990. With 18 years experience here, I have seen the market’s ups and downs. It is always an opportunity for either buyers or sellers, depending on where you are in the cycle. Stay tuned as we explore where we are in the market today and how you as a consumer can benefit.