October 2, 2007

Honolulu Board of Realtors: Oahu median home prices hold steady, Sales dip

Today, the Honolulu Board of REALTORS® released resale figures 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:

During September, sales of 255 single-family homes and 414 condominiums were reported through the Board's MLS, decreases of 29.0 percent for single family homes and 14.9 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 2,877 for the first nine months of 2007, a decrease of 7.4 percent over the same time period one year ago. Total condominium sales through September were 4,344, a 13.9 percent decrease from last year. The year-to-date median prices paid for Oahu properties in the first nine months this year were $648,000 and $325,000, respectively, increases of 2.2 percent and 4.8 percent over the 2006 prices of $634,000 and $310,000. The total dollar sales volume generated in the housing market for the first nine months of the year was $3.953 billion, a decrease of 7.1 percent, or $303 million, compared to the $4.256 billion produced one year ago.

"Overall median prices paid for single-family homes and condominiums have remained relatively constant despite the decline in units sold last month," said Berton Hamamoto, president of the Honolulu Board of REALTORS®. "Single-family home sales in September were the lowest since February 2006 when there were just 248 sales. Sales of 414 condominium units were the least since earlier this year, also in February, with sales of 402 units. We are seeing a slight increase in inventory in some neighborhoods so it is actually a good time for buyers to go out shopping."

"The housing market on Oahu appears to be in a general slowdown, similar to the mainland markets, although we've not experienced the price declines," added Harvey Shapiro, research economist at the Board of REALTORS®. "Our market is most likely not suffering from a lack of consumer demand, but rather a shift of buyers to the new properties that are available on Oahu, which are not included in our statistics. This shift, however, is a short term event that will end after the new projects have sold."

While the original sales of new properties are excluded from the Honolulu Board of REALTORS® databases, all subsequent resales are transactions are captured.

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.)

back to home page