Hawaii Real Estate

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

During November, sales of 170 single-family homes and 201 condominiums were reported through the Board’s MLS, decreases of 30.6 percent for single-family homes and 47 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 2,547 for the first eleven months of 2008, a decrease of 24.8 percent over the same time period one year ago. Total condominium sales through November were 3,690, a 28.3 percent decrease from last year. The median prices paid for island properties from January through November 2008 were $623,500 and $325,000, respectively, a decrease of 3.3 percent for single-family homes from the same time period in 2007 and no change for condominiums. The total dollar sales volume generated in the housing market for the first eleven months of this year was $3.447 billion, a decrease of 25.9 percent, or $1.203 billion, compared to the $4.650 billion produced one year ago.

“Although Oahu residential home sales declined substantially in November, our prices are still exhibiting much more stability than those for cities on the Mainland,” said Dana Chandler, President of the Honolulu Board of REALTORS®. “Time will tell what the complete effects of the current economic conditions will be, but we’re hopeful that the slowdown will be shallow and only of short-term duration here in the islands.”

“The demand for housing sales was the lowest in ten years but, interestingly, the inventory of both single-family homes and condominiums actually contracted a bit last month,” added Harvey Shapiro, Research Economist at the Honolulu Board of REALTORS®. “This lack of inventory buildup indicates a slowdown in our market rather than a collapse as some Mainland cities have, unfortunately, experienced.”

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.)

Honolulu Board of Realtors April Statistics

Median Sales Prices remain steady

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

During April, sales of 256 single-family homes and 384 condominiums were reported through the Board’s MLS, decreases of 25.1 percent for single-family homes and 27.1 percent for condominiums, compared to the same month last year. This brings total single family home sales on Oahu to 929 for the first four months of 2008, a decrease of 23.0 percent over the same time period one year ago. Total condominium sales through April were 1,421, a 24.7 percent decrease from last year. The median prices paid for Oahu properties in the first four months of 2008 were $625,000 and $329,000, respectively, a decrease of 0.8 percent for single-family homes from the same time period in 2007 and an increase of 2.2 percent for condominiums. The total dollar sales volume generated in the housing market for the first four months of this year was $1.311 billion, a decrease of 21.2 percent, or $352 million, compared to the $1.663 billion produced one year ago.

“Median prices are holding pretty firm in the current Oahu housing market, at $639,000 and $327,000, in April,” sad Dana Chandler, President of the Honolulu Board of REALTORS®. “This contrasts with the significant losses of home values in Mainland cities tied mostly to the continuing credit crunch. We continue to be fortunate that this is still a stable environment for both buyers and sellers.”

“April’s data shows that there is enough demand, albeit lower than last year, to maintain our residential price levels,” added Harvey Shapiro, Research Economist at the Board of REALTORS®. “The U.S. Federal Reserve cut overnight interest rates this week by only 25 basis points, but this is seen as a positive move for the housing industry.”

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).

Information in this Hawaii real estate site deemed to be reliable, but not guaranteed for Oahu.