Hawaii Real Estate

August 2, 2005

After a slight drop in June, median sales prices for both single-family homes and condominium were back up in July. The median sales price for condominiums set a new record at $270,000, while the price for a single-family home was $599,000, close to but still below the record set back in May.

According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

During July, sales of 418 single family homes and 684 condominiums were reported through the Board’s MLS, declines in sales volume of 10.5% and 11.9%, respectively. For the year, the number of single family home sales in the first seven months of 2005 is 2,618, a slight loss of 1.2% over the 2,650 dwellings sold last year at the same time. There have been 4,605 sales of condominiums for the same time, compared to last year’s 4,468 sales, an increase of 3.1%. Median prices paid in July were close to, but below, the records for Oahu that were set in May. For the first seven months of 2005 ending in July, the median prices paid were $564,300 for single family homes and $250,000 for condominiums, increases from the same time period last year of 26.8% and 25.0%, respectively.

The total dollar volume of sales through July is $3,262 million, an increase of $674 million, or 26.0%, from the $2,588 million achieved last year.

“Sales continue to be stifled by the lack of available inventory,” said Judith Kalbrener, President of the Honolulu Board of REALTORS®. “While the number of July listings edged up somewhat, to 958 available single family homes and 1,001 listed condominiums, these counts are still the limiting factor for Oahu buyers. The Months of Inventory statistic in July was just 2.2 months for single family dwellings and a very low 1.4 months for condominiums.”

Harvey Shapiro, Research Economist at the Board of REALTORS®, said, “While it appears that our sales growth trend, which started eight years ago in July 1997, may be coming to an end, this is certainly not the case for median prices. The July prices, while not records, are maintaining the current high valuations in the Oahu housing market.”

The public is encouraged to visit the Board’s Internet web site at http://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.

The Honolulu Board of REALTORS® is celebrating its 83rd year of service to Oahu and is one of the largest of 1,500 boards of REALTORS® in the nation. It is also the largest trade organization on Oahu. Membership, which numbers approximately 5,000, is available to licensed real estate brokers and agents who agree to adhere to a strict Code of Ethics. For more information, call (808) 732-3000.

(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 two and four months.)

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