Released: Wednesday, October 1, 2008
The Honolulu Board of REALTORS® also released resale figures for the third quarter of 2008. According to the analysis conducted by the Board, using data collected from its MLS system, the statistics are:
|
2008 Third Quarter Residential Resales Statistics
for Oahu
Single Family Home Resales
|
|
Number of
Sales
|
This Quarter
Compared To
|
|
Median*
Sales Price
|
This Quarter
Compared To
|
| 3rd Quarter 2008 |
721
|
|
|
$615,000
|
|
| 2nd Quarter 2008 |
|
|
|
$636,000
|
dn 3.3%
|
| 3rd Quarter 2007 |
975
|
dn 26.1%
|
|
$649,900
|
dn 5.4%
|
Condominium Resales
|
|
Number of
Sales
|
This Quarter
Compared To
|
|
Median*
Sales Price
|
This Quarter
Compared To
|
| 3rd Quarter 2008 |
1,015
|
|
|
$322,000
|
|
| 2nd Quarter 2008 |
|
|
|
$330,000
|
dn 2.4%
|
| 3rd Quarter 2007 |
1,366
|
dn 25.7%
|
|
$330,000
|
dn 2.4%
|
*Median price means half the prices were above and half below
the given price.
|
During the third quarter, the number of sales declined from one year ago and the median price paid for a single-family home decreased by 5.4 percent and the condominium price decreased by 2.4 percent. The total dollar volume of sales was $987.3 million in the third quarter, a decrease of $323.2 million, or 24.7 percent, from the $1.310.5 billion 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 |
$ 615,000 |
 |
$ 322,000 |
|
| |
| Metro Oahu (Town) |
$ 729,000 |
 |
$ 312,900 |
|
| Diamond Head |
$ 1,125,000 |
|
$ 419,200 |
|
| Hawaii Kai |
$ 777,000 |
|
$ 525,500 |
|
| Kailua |
$ 766,500 |
|
$ 411,500 |
|
| Kaneohe |
$ 640,000 |
|
$ 422,500 |
|
| North Shore |
$ 827,500 |
|
$ 392,000 |
|
| Central Oahu |
$ 576,000 |
|
$ 295,000 |
|
| Leeward Coast |
$ 361,000 |
|
$ 148,000 |
|
| Ewa Plain |
$ 451,000 |
|
$ 327,500 |
|
| Makakilo |
$ 567,000 |
|
$ 324,500 |
|
| Waipahu |
$ 529,000 |
|
$ 290,000 |
|
| Pearl City |
$ 614,000 |
|
$ 301,400 |
|
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.
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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