There are several things that led me to post an entry such as this, and I've been thinking about it for several days. This is the kind of post that can cost me a lot of credibility, but here goes.
First, on Sunday I had 50 people at an open house. It is my Aina Haina listing for $1.1million, a nice house but nothing out of the ordinary for the area. A nice pool home with 5 bedrooms and 2300sqft. I haven't had 50 people at an open house in about 4 years. Another agent in my office said he had 25 people, and the $1.2million house he is listing was in escrow last week, until the buyer found a few problems in the roof.
Also, the March stats for sales came out, and like I predicted, the number of sales jumped up significantly, while median Oahu home prices rose again to $600k. The number of listings is down again, to about 1900 homes and 2200 condos, and the number of sales was up about 20% compared to Jan and Feb.
Finally, there was this very poignant article in Forbes, which said that "The end result is that the stock market and the economy are being lifted on a sea of liquidity, giving us a V-shaped recovery. Very soon, the recession will officially end. This is not a dead-cat bounce, and it's not government spending. It's easy money, plain and simple."