Hawaii Real Estate

February 5, 2007

HBR: Oahu housing market is steady during January

Oahu ’s housing market held steady during the first month of 2007, according to released resale figures today by the Honolulu Board of REALTORS®. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

During January, sales of 263 single-family homes and 418 condominiums were reported through the Board’s MLS, decreases in sales of 13.2 percent and 17.1 percent, respectively, compared to the same month last year. The median price paid in January for a single-family home was $600,000, while the condominium median price was $320,000, a decline of 2.4 percent for single-family homes and an increase of 8.5 percent for condominiums. Total dollar sales volume for the month was $369 million, a decrease of 8.3 percent, or $33 million, compared to the $402 million generated in the housing market in the January 2006.

“We are starting 2007 continuing the same trend as last year, with median prices staying within a pretty narrow trading range,” said Berton Hamamoto, president of the Honolulu Board of REALTORS®. “There were no surprises in January as the residential housing market continues to stabilize, but we do see a resurgence in activity going on right now so it will be interesting to see the figures in the coming months.”

“After peaking in the third quarter of 2005, the number of sales is continuing to adjust downward to a lower level of activity,” said Harvey Shapiro, research economist at the Honolulu Board of REALTORS®. “An important indicator for the housing industry is mortgage rates and, this week, the U.S. Federal Reserve held the line on interest rates, so favorable financing for real estate should continue to be available.”

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 6,000 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.)