Leeward is an area that's continuing to grow, even though the overall market on Oahu has slowed down. It's interesting to note how healthy those sales are in comparison to the rest of the island.

I don't know what to make of it. I think it's just a burp.

That's just the continuing trend. We believe the price will continue to be up even in the face of fewer sales.

Even with the higher number of residential sales in March, total sales for the first quarter showed a small decline from last year. This reduced demand, along with the renewed availability of housing, means that the market is moving forward on its path toward stabilization.

When the market was running at 20 and 15 days, people had to get in line to make offers that were at or above the list price. Now people have more time to make a decision.

It's hard to tell where the neutral point is, but it's fair to say that we are shifting from more of a seller's market to a buyer's market.