Honolulu Board of realtors December 2009 and year end statistics

January 5th, 2010 by Malia Leilani Meenderman

The Honolulu Board of REALTORS® released resale figures today for the month of December 2009 and the year end statistics. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

December 2009 Residential Resales Statistics for Oahu

Single Family Home Resales
Number of
Sales		 This Month
Compared To		 Median*
Sales Price		 This Month
Compared To
December 2009 265 $ 550,000
November 2009 249 up 6.4% $ 590,000 dn 6.7%
December 2008 194 up 36.6% $ 626,500 dn 12.2%

Condominium Resales
Number of
Sales		 This Month
Compared To		 Median*
Sales Price		 This Month
Compared To
December 2009 349 $ 300,000
November 2009 407 dn 14.2% $ 320,000 dn 6.2%
December 2008 243 up 43.6% $ 305,000 dn 1.6%

Click here to view December 2009 Resales Charts.
*Median price means half the prices were above and half below the given price.

During December, sales of 265 single-family homes and 349 condominiums were reported through the Board’s MLS, an increase of 36.6 percent for single-family homes and an increase of 43.6 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 2,585 for the year of 2009, a decrease of 5.7 percent over one year ago. Total condominium sales through December were 3,467, an 11.8 percent decrease from last year. The median prices paid for island properties in the year of 2009 was $575,000 for single family homes and $302,000 for condominiums, decreases respectively of 7.9 percent and 7.1 percent from 2008. The year-to-date total dollar sales volume generated in the housing market through December was $2.968 billion, a decrease of 19.3 percent or $712 million, compared to the $3.68 billion produced one year ago.

“Home and condominium sales for December 2009 were incredibly robust as compared to last year,” said Brian Benton, newly-elected President of the Honolulu Board of REALTORS®. “Well-qualified buyers are finding reasonably priced properties and the federal tax credits coupled with low interest rates have encouraged many of those who were ‘on the fence’ to purchase a new home.”

The Honolulu Board of REALTORS® also released annual resale figures for 2009. They are:

Annual 2009 Residential Resales Statistics for Oahu

Single Family Home Resales
Number of
Sales		 This Year
Compared To		 Median*
Sales Price		 This Year
Compared To
2009 2,585 $ 575,000
2008 2,741 dn 5.7% $ 624,000 dn 7.9%

Condominium Resales
Number of
Sales		 This Year
Compared To		 Median*
Sales Price		 This Year
Compared To
2009 3,467 $ 302,000
2008 3,933 dn 11.8% $ 325,000 dn 7.1%

*Median price means half the prices were above and half below the given price.

The public is encouraged to visit the Board’s Internet web site at www.HiCentral.com to see what’s happening in the housing market. The public has the ability to search through Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location, price range or both. HiCentral.com provides useful information about buying and selling real estate in Hawaii.

Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,600 boards of REALTORS® in the nation and, with over 5,500 members, the largest trade organization on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry pledged to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.HiCentral.com.

(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)

Honolulu November 2009 statistics shows condo sales doubled

December 2nd, 2009 by Malia Leilani Meenderman

The Honolulu Board of REALTORS® released resale figures today for the month of November showing among other things that the number of condo sales more than doubled from November 2008. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

November 2009 Residential Resales Statistics for Oahu

Single Family Home Resales
Number of
Sales		 This Month
Compared To		 Median*
Sales Price		 This Month
Compared To
November 2009 249 $ 590,000
October 2009 281 dn 11.4% $ 605,000 dn 2.4%
November 2008 170 up 46.5% $ 594,500 dn 0.75%

Condominium Resales
Number of
Sales		 This Month
Compared To		 Median*
Sales Price		 This Month
Compared To
November 2009 407 $ 320,000
October 2009 381 up 6.8% $ 295,000 up 8.5%
November 2008 201 up 102.5% $ 316,200 up 1.2%

Click here to view November 2009 Resales Charts.
*Median price means half the prices were above and half below the given price.

During November, sales of 249 single-family homes and 407 condominiums were reported through the Board’s MLS, an decrease of 2.5 percent for single-family homes and an increase of 8.5 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 2,318 for the first eleven months of 2009, a decrease of 9 percent over the same time period one year ago. Total condominium sales through November were 3,118, a 15.5 percent decrease from last year. The median prices paid for island properties in the first eleven months of 2009 was $580,000 for single-family homes and $302,750 for condominiums, decreases respectively of 7.0 percent and 6.8 percent from the same time period on 2008. The year-to-date total dollar sales volume generated in the housing market through November was $2.665 billion, a decrease of 22.7 percent or $781 million, compared to the $3.446 billion produced one year ago.

“The Oahu real estate market continues to experience strong and steady sales, as demonstrated by the more than 100 percent increase in condominium sales last month as compared to the last November,” said Sandra “Sam” Bangerter, president of the Board. “The federal tax credits and historically low interest rates are keeping homeownership within reach for qualified buyers.”

The public is encouraged to visit the Board’s Internet web site at www.HiCentral.com to see what’s happening in the housing market. The public has the ability to search through Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location, price range or both. HiCentral.com provides useful information about buying and selling real estate in Hawaii.

Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,600 boards of REALTORS® in the nation and, with over 5,500 members, the largest trade organization on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry pledged to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.HiCentral.com.

(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)

Honolulu: September 2009 housing statistics

October 6th, 2009 by Malia Leilani Meenderman

The Honolulu Board of REALTORS® released housing resale figures and statistics today for the month of September. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

September 2009 Residential Resales Statistics for Oahu

Single Family Home Resales
Number of
Sales		 This Month
Compared To		 Median*
Sales Price		 This Month
Compared To
September 2009 244 $ 600,000
August 2009 $ 566,000 up 6.0%
September 2008 215 up 13.5% $ 590,000 up 1.7%

Condominium Resales
Number of
Sales		 This Month
Compared To		 Median*
Sales Price		 This Month
Compared To
September 2009 345 $ 305,000
August 2009 $ 290,000 up 5.2%
September 2008 305 up 13.1% $ 296,000 up 3.0%

Click here to view September 2009 Resales Charts.
*Median price means half the prices were above and half below the given price.

During September, sales of 244 single-family homes and 345 condominiums were reported through the Board’s MLS, an increase of 13.5 percent for single-family homes and an increase of 13.1 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 1,788 for the first nine months of 2009, a decrease of 16.2 percent over the same time period one year ago. Total condominium sales through September were 2,338, a 26.32 percent decrease from last year. The median prices paid for island properties in the first nine months of 2009 were $575,000 for single-family homes and $300,000 for condominiums, decreases respectively of 8.0 percent and 7.7 percent from the same time period in 2008. The year-to-date total dollar sales volume generated in the housing market through September was $2.021 billion, a decrease of 31.7 percent, or $938 million, compared to the $2.959 billion produced one year ago.

Lawrence Yun, chief economist for the National Association of REALTORS®, provided the following commentary on Oahu’s housing market:

“Home sales in 2009, to-date, were essentially at a 10-year low. One reason for the much lower sales can be explained by stricter mortgage underwriting guidelines. In addition, Hawaii suffers from the credit freeze that is taking place in the jumbo market and for second home purchases. However, the biggest reason for such low sales activity is likely due to fear of further home price declines.

“Consumer psychology appears to be decisively turning for the better as the housing market has been showing signs of bottoming, if it is not already past a bottom point. Affordability conditions are now at multi-year highs thanks to lower home prices and very low mortgage rates on conforming mortgages.

“The first-time homebuyer tax credit is also helping. It is no surprise, therefore, that home sales have begun to rise nationally for 5 straight months. The increases were beyond the normal seasonal uptick in spring and summer.”

The public is encouraged to visit the Board’s Internet web site at www.HiCentral.com to see what’s happening in the housing market. The public has the ability to search through Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location, price range or both. HiCentral.com provides useful information about buying and selling real estate in Hawaii.

Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,600 boards of REALTORS® in the nation and, with over 5,500 members, the largest trade organization on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry pledged to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.HiCentral.com.

(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)