My name is Mike Gallagher and you can find all your answers on Oahu Real Estate at http://www.hawaiirealestatestatistics.com There is a full January 2011 Oahu Report for both Single Family Homes and Condos on my site under Oahu.
January unit sales were low but it is cyclical this time of year and normal. If it continues into March, then we have a problem. Check out my simple, easy to read and understand graphs on my reports and if you have more questions email me direclty.
I wish you much Aloha,
Mike Gallagher,Broker in Charge, Abe Lee Realty
Ethics Complaints Review Committee Member, Honolulu Board of Realtors
I don't know about Hawaii, but here in New Jersey another contributing factor was the cold and the ice! It was sub-zero half the month here and people just stayed inside. I don't blame them, I wanted to stay inside too!
Historically sales drop in January. Escrows on Oahu take about 45 days to close. Closings in January are from properties place in escrow between the end of November and the end of December which is the holiday season. The market picks up again after the holidays so you will an increase in closings in February and March. However, on the Island of Maui, the holiday season is when most sales are generated. Therefore, you will find an increase in sales closing in the months of January instead of it being down.