February 4, 2008

JANUARY 2008 RESIDENTIAL RESALES STATISTICS

The Honolulu Board of REALTORS® released resale figures today for January 2008. 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 228 single-family homes and 324 condominiums were reported through the Board's MLS, decreases of 13.3 percent for single family homes and 22.5 percent for condominiums, compared to the same month last year. The median prices paid for Oahu properties were $600,000 and $324,000, respectively, an increase of 1.3 percent for condominiums and no change for single-family homes from the January 2007 prices of $600,000 and $320,000. The total dollar sales volume generated in the housing market for January was $345.5 million, a decrease of 6.3 percent, or $23.4 million, compared to the $368.9 million produced one year ago.

"We continue to be fortunate that sales prices on Oahu are being maintained at 2007 levels," said Dana Chandler, newly elected President of the Honolulu Board of REALTORS®. "The first couple months of each year are historically slow in the housing market, but there are many buying opportunities for Oahu properties as demand has dwindled and sharp buyers and sellers should be able to negotiate mutually beneficial sales agreements."

"The local economy appears to be poised for a slowdown, but the weaker dollar could attract new demand from overseas purchasers," added Harvey Shapiro, Research Economist at the Board of REALTORS®. "Look for both adjustable and fixed mortgage rates to continue downward, making financing for those who can qualify much less costly."

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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