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Data source: Hawaii Information Service, the best MLS system around!
New beginnings should start at the beginning and even though the numbers above reflect the end of 2015, they also are where we began 2016. Compared to the rest of the year, the last quarter is normally a whirlwind. Remember, agents want to close transactions before year end (we normally make more money) and for different reasons, buyers and sellers want/need to do the same.
While pressure to close in 2015 may skew the number of closed sales, it has an inverse effect on active listings. Interestingly, there’s normally a bump in properties under contract because serious buyers actively look during (especially) December.
There are some real bright spots to keep an eye on. The number of properties moving to close in Ainaloa almost tripled this year over last. Closings in that area have been consistently higher since the end of the lava scare. The median price homes moving to close in Pacific Paradise Gardens bumped up over 10%. Even Nanawale, where foreclosures and lava have kept prices depressed, is once again experiencing good activity.
The number of active listings is generally down in areas that have previously experienced an over-supply. Inventory in Leilani Estates, Volcano Golf and Country Club, and even Hawaiian Paradise Park is declining. This will put upward pressure on future pricing.
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