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bounce u michelle fang 970 bay ridge parkway international food house alberto nunez 217 dyckman st ...Jakesbook 2011 - Statistical Report for Hawaii Real Estate
Aloha and welcome to the JakesBook - 2011 Yearly Review.
HOUSING STARTS
The key positive indicator for 2011, is the Honolulu housing starts number. Historically, there are 1550 single family home starts each year, which keeps pace with the 1600 new households that are formed. Annual housing starts in Honolulu are now running at 791. This is down 48% of Honolulu's 20 year historical level. This implies a potential housing shortfall as Hawaii's economy stabilizes.
MONTHS SUPPLY
This housing shortfall is evident in Months supply of inventory on the market, for 2011. Supply is down to around 5 months for both single family homes and condominiums.
HOMES FOR SALE
There were about 20% fewer Single Family Homes & Condominiums for sale at the end of 2011, than there were the previous year.
NEW LISTINGS
A shrinking supply is also evident in both housing categories by the decreased number of new listings in both categories.
MEDIAN SALES PRICE
In 2011, we see median sales price dip about 3% for single family homes, while condominiums are down almost 2%.
CLOSED SALES
There were, a combined, 7003 transactions in 2011. With 3% less Single Family Homes and over a percent more condominiums than 2010.
PENDING SALES
2011 Pending sales are down a percent for Single Family Homes, while condominiums are up over 3%.
DAYS ON MARKET
Days on Market, in 2011, are up about 3% for Single Family Homes and 21% for condominiums.
PERCENT OF ORIGINAL LIST PRICE RECEIVED
Percent of original list price received is relatively unchanged at 95% for both categories.
HOUSING AFFORDABILITY INDEX
Housing in 2011 has continued to become more affordable relative to Hawaii's median income.
OAHU HOUSING MARKET
This 10 year Oahu Housing Market chart shows us that in 2011, 61% of the homes that were listed, were sold. This is up about 4% over the previous year.
Nov EMPLOYMENT BY SECTOR
Looking at Hawaii's employment by sector over the last 3 years we see Government, Education and Healthcare employment remaining firm.
Hospitality and Professional Services look to be turning up.
while Trade & Transport, Financial and Construction employment are still lagging.
ECONOMIC ACTIVITY
In this graph, that goes back to 1975, we can see the last 5 US recessions highlighted in red. The line in the graph represents an index that's tracks Hawaii's economic activity. If we focus on the last 4 years (next slide), we can see Hawaii's economy slide downwards until the spring of last year.
Nov ECONOMIC HEALTH
From the spring of last year thru the 1st half of 2011, the index is up 1.35%.
Nov ECONOMIC HEALTH (cont'd)
If we look even closer at the past 15 months, we can clearly see the impact of March's Tsunami in Japan on Hawaii's Economy.
Dec VISITOR ARRIVALS
In this 3 year chart, we see Monthly Visitor Arrivals to Hawaii are up 23.7%, year over year.
Dec VISITOR ARRIVALS
If we look at Monthly Visitor Arrivals, as a year over year percentage, we can see the arrivals turn positive in the beginning of 2010, crater with the Japanese Tsunami and rebound in to December, 2011, with a 23.7% jump.
Nov VISITOR DAYS
Statistics for November, show Visitor days are up by 4.9%, compared to the same period last year.
Nov VISITOR SPENDING
In November, we also saw an increase in visitor spending in Hawaii by 15.1%.
In summary, for 2011, we see a continued decline in prices for single family homes & condominiums, a continued shrinking of supply, an increase in the amount of time to sell property, and a stabilizing of Hawaii's economy.
HOT AREAS
In 2011 we had 8 neighborhoods, shown here in red, with increased sales and decreased inventory. Areas shown in blue have decreased sales and increased inventory. Areas shown in green were unchanged compared to the same month last year. Please keep in mind, all real estate is local, so if you have specific questions, please don't hesitate to contact us here at East Oahu.
Thank you for watching and until next quarter... Aloha!
Get Doc
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