Released: Thursday, January 3, 2008
The Oahu housing market remained relatively stable during 2007 according
the 2007 fourth quarter and annual resales statistics released by the
Honolulu Board of REALTORS®. According to the analysis conducted
by the Board, using data collected from its computerized Multiple Listing
Service (MLS) system, the statistics are:
|
2007 Fourth Quarter Residential Resales Statistics
for Oahu
Single Family Home Resales
|
|
Number of
Sales
|
This Quarter
Compared To
|
|
Median*
Sales Price
|
This Quarter
Compared To
|
| 4th Quarter, 2007 |
750
|
|
|
$625,300
|
|
| 3rd Quarter, 2007 |
|
|
|
$649,900
|
dn 3.8%
|
| 4th Quarter, 2006 |
935
|
dn 19.8%
|
|
$620,000
|
up 0.9%
|
Condominium Resales
|
|
Number of
Sales
|
This Quarter
Compared To
|
|
Median*
Sales Price
|
This Quarter
Compared To
|
| 4th Quarter, 2007 |
1,155
|
|
|
$320,000
|
|
| 3rd Quarter, 2007 |
|
|
|
$330,000
|
dn 3.0%
|
| 4th Quarter, 2006 |
1,304
|
dn 12.4%
|
|
$315,000
|
up 1.6%
|
*Median price means half the prices were above and half below
the given price.
|
During the fourth quarter, the number of sales declined
from last year, but the median prices increased. The total dollar volume
of sales was $1.027 billion in the fourth quarter, a decrease of $182
million, or 15.1 percent, from the $1.209 billion in sales achieved
in the same quarter last year.
Total dollar volume for 2007 was $4.977 billion, compared
to $5.465 billion in 2006, a decline of 8.9 percent. The 2007 annual
median prices were $643,500 and $325,000 for single-family homes and
condominiums on sales of 3,627 and 5,499 dwellings, respectively.
The Median Prices shown in the chart below are the prices
paid for existing residential properties reported sold through our Multiple
Listing Service (MLS) system during the stated time period. The columns
labeled Change indicate the direction of price change from the prior
time period (NC is no change). The following table provides the quarterly
median prices for the Oahu neighborhood groups.
|
| GEOGRAPHIC AREA |
SINGLE FAMILY HOMES |
Change |
CONDOMINIUMS |
Change |
| Entire Island |
$ 625,300 |
 |
$ 320,000 |
|
| |
| Metro Oahu (Town) |
$ 720,000 |
 |
$ 309,500 |
|
| Diamond Head |
$ 930,000 |
|
$ 525,900 |
|
| Hawaii Kai |
$ 919,000 |
|
$ 585,000 |
|
| Kailua |
$ 777,000 |
|
$ 412,500 |
|
| Kaneohe |
$ 645,000 |
|
$ 399,000 |
|
| North Shore |
$ 510,000 |
|
$ 296,500 |
|
| Central Oahu |
$ 607,500 |
|
$ 297,000 |
|
| Leeward Coast |
$ 399,000 |
|
$ 159,800 |
|
| Ewa Plain |
$ 494,700 |
|
$ 317,500 |
|
| Makakilo |
$ 551,500 |
|
$ 334,300 |
|
| Waipahu |
$ 575,000 |
|
$ 300,000 |
|
| Pearl City |
$ 594,300 |
|
$ 290,000 |
|
The following table provides the full-year 2007 median prices for the
Oahu neighborhood groups:
| GEOGRAPHIC AREA |
SINGLE FAMILY HOMES |
Change |
CONDOMINIUMS |
Change |
| Metro Oahu (Town) |
$ 715,000 |
|
$ 320,000 |
|
| Diamond Head |
$ 1,000,000 |
|
$ 485,000 |
|
| Hawaii Kai |
$ 875,000 |
|
$ 545,000 |
|
| Kailua |
$ 804,500 |
|
$ 422,500 |
|
| Kaneohe |
$ 685,000 |
|
$ 395,000 |
|
| North Shore |
$ 775,000 |
|
$ 350,000 |
|
| Central Oahu |
$ 605,000 |
|
$ 299,000 |
|
| Leeward Coast |
$ 380,000 |
|
$ 176,500 |
|
| Ewa Plain |
$ 515,000 |
|
$ 292,000 |
|
| Makakilo |
$ 577,000 |
|
$ 319,000 |
|
| Waipahu |
$ 577,300 |
|
$ 300,000 |
|
| Pearl City |
$ 615,000 |
NC |
$ 302,500 |
|
Median Sales Price
means the midpoint of sales prices, where half of the sales were at
prices above the given amount and half were below. Click OAHU
MAP to view the geographical references used above.
(2007
First Quarter HERE | 2007 Second
Quarter HERE | 2007 Third Quarter
HERE)
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.)
|
