Released: Wednesday, April 9, 2008
The Honolulu Board of REALTORS® released resale figures for the first quarter of 2008. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:
|
2008 First Quarter Residential Resales Statistics
for Oahu
Single Family Home Resales
|
|
Number of
Sales
|
This Quarter
Compared To
|
|
Median*
Sales Price
|
This Quarter
Compared To
|
| 1st Quarter, 2008 |
673
|
|
|
$620,000
|
|
| 4th Quarter, 2007 |
|
|
|
$625,300
|
dn 0.8%
|
| 1st Quarter, 2007 |
865
|
dn 22.2%
|
|
$620,000
|
No Change
|
Condominium Resales
|
|
Number of
Sales
|
This Quarter
Compared To
|
|
Median*
Sales Price
|
This Quarter
Compared To
|
| 1st Quarter, 2008 |
1,037
|
|
|
$330,000
|
|
| 4th Quarter, 2007 |
|
|
|
$320,000
|
up 3.1%
|
| 1st Quarter, 2007 |
1,361
|
dn 23.8%
|
|
$320,000
|
up 3.1%
|
*Median price means half the prices were above and half below
the given price.
|
During the first quarter, the number of sales declined from last year, but the median prices paid for a single family home was exactly the same as one year ago and the condominium price increased by 3.1 percent. The total dollar volume of sales was $974.1 million in the first quarter, a decrease of $213.1 million, or 18.0 percent, from the $1.187.2 million in sales achieved in the same quarter last year.
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 |
$ 620,000 |
 |
$ 330,000 |
 |
| |
| Metro Oahu (Town) |
$ 755,000 |
|
$ 325,000 |
|
| Diamond Head |
$ 888,000 |
|
$ 568,500 |
|
| Hawaii Kai |
$ 865,300 |
|
$ 539,000 |
|
| Kailua |
$ 799,500 |
|
$ 394,300 |
|
| Kaneohe |
$ 694,500 |
|
$ 370,000 |
|
| North Shore |
$ 897,500 |
|
$ 420,000 |
|
| Central Oahu |
$ 571,000 |
|
$ 310,000 |
|
| Leeward Coast |
$ 389,000 |
|
$ 162,500 |
|
| Ewa Plain |
$ 475,000 |
|
$ 268,000 |
|
| Makakilo |
$ 567,500 |
|
$ 292,500 |
|
| Waipahu |
$ 562,500 |
|
$ 282,000 |
|
| Pearl City |
$ 704,500 |
|
$ 323,000 |
|
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.
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.)
|
