December 3, 2007

NOVEMBER 2007 RESIDENTIAL RESALES STATISTICS RELEASED

The Honolulu Board of REALTORS® released resale figures for the month of November today. 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 245 single-family homes and 379 condominiums were reported through the Board's MLS, a decrease of 16.4 percent for single-family homes and 10.0 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 3,387 for the first eleven months of 2007, a decrease of 8.3 percent over the same time period one year ago. Total condominium sales through October were 5,146, a 13.1 percent decrease from last year. The year-to-date median prices paid for Oahu properties in the first eleven months this year were $645,000 and $325,000, respectively, increases of 2.4 percent and 4.8 percent over the 2006 prices of $630,000 and $310,000. The total dollar sales volume generated in the housing market for the first eleven months of the year was $4.650 billion, a decrease of 7.5 percent or $376 million, compared to the $5.026 billion produced one year ago.

"The number of units sold have been declining, and inventory went up a bit which leads us to believe that seller pricing is going to be key in getting a house sold in today's market" said Berton Hamamoto, President of the Honolulu Board of REALTORS®. "Buyers have more choices now and mortgage rates are still low, so it's actually a good time for buyers to purchase a home."

"Financing continues to be more favorable as fixed-rate mortgages slide to near 5.5 percent. Predictions are that there will be another quarter-percent drop in the federal funds rate by the Federal Reserve at their December 11 meeting and, if this occurs, could further reduce mortgage costs," added Harvey Shapiro, Research Economist at the Board of REALTORS®."

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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