November 1, 2007

Honolulu Board of Realtors: Honolulu housing market maintain stable pace

Unlike similar U.S. Mainland markets, Oahu's residential real estate remains on a stable course according to resale figures released today by the Honolulu Board of REALTORS® for the month of October. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

During October, sales of 265 single-family homes and 423 condominiums were reported through the Board's MLS, decreases of 10.5 percent for single-family homes and 0.5 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 3,142 for the first ten months of 2007, a decrease of 7.6 percent over the same time period one year ago. Total condominium sales through October were 4,767, a 13.3 percent decrease from last year. The year-to-date median prices paid for Oahu properties in the first ten months this year were $649,000 and $325,000, respectively, increases of 2.2 percent and 4.8 percent over the 2006 prices of $635,000 and $310,000. The total dollar sales volume generated in the housing market for the first ten months of the year was $4.329 billion, a decrease of 7.0 percent, or $325 million, compared to the $4.654 billion produced one year ago.

"The statistics are showing us that Oahu is not following the softening in Mainland markets, proving the National Association of Realtors position that real estate is driven locally," said Berton Hamamoto, President of the Honolulu Board of REALTORS®. "Inventory is up in some areas which should help buyers with a wider range of choices. Sales in October were similar to last year and we're looking for a continuation of this pattern in the upcoming holiday season and into 2008."

"Stability has been the keyword in the market for residential properties on Oahu," commented Harvey Shapiro, Research Economist at the Board of REALTORS®. "In October, both the number of sales and the median prices stayed within a narrow range and market speeds actually increased since the same month last year. Single-family homes required 41 days to sell, down from 49 one year ago, and condominium sales happened in just 37 days, well below last year's 49 days. And, with the quarter-percent drop in the federal funds rate made by the Federal Reserve this week, mortgage rates will remain at levels that will continue to fuel our market."

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.)

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