March 3, 2008

FEBRUARY 2008 RESIDENTIAL RESALES STATISTICS

OAHU CONDOMINIUM MEDIAN PRICES TIE RECORD HIGH

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

During February, sales of 163 single-family homes and 321 condominiums were reported through the Board’s MLS, decreases of 40.1 percent for single-family homes and 20.1 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 391 for the first two months of 2008, a decrease of 26.9 percent over the same time period one year ago. Total condominium sales through February were 645, a 21.3 percent decrease from last year. The median prices paid for Oahu properties were $599,000 and $335,000, respectively, a decrease of 2.5 percent for single-family homes from the February 2007 price and an increase of 4.7 percent for condominiums. The total dollar sales volume generated in the housing market for the first two months of the year was $598.5 million, a decrease of 17.0 percent, or $122.4 million, compared to the $720.9 million produced one year ago.

"While everything has slowed – from the number of new listings being put on the market to the quantity of sales transactions and even the number of properties going into escrow – the inventory hasn’t ballooned like in past post-boom periods and this should be taken as a positive sign," said Dana Chandler, President of the Honolulu Board of REALTORS®.

"The median sales price for Honolulu single-family homes dipped below the $600,000 mark for the first time in almost three years, but the condominium price tied its all-time record high," added Harvey Shapiro, Research Economist at the Board of REALTORS®. "The prices being paid demonstrate the stability of our residential markets compared to the downturn in the housing markets on the Mainland."

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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