Note: This information was contained within the news release distributed on April 2, 2009.
Released: Thursday, April 2, 2009
HONOLULU - The Honolulu Board of REALTORS® also released resale figures for the first quarter of 2009. According to the analysis conducted by the Board, using data collected from its MLS system, the statistics are:
|
2009 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 2009 |
439
|
|
|
$ 570,000
|
|
| 4th Quarter 2008 |
|
|
|
$ 610,000
|
dn 6.6%
|
| 1st Quarter 2008 |
673
|
dn 34.8%
|
|
$ 620,000
|
dn 8.1%
|
Condominium Resales
|
|
Number of
Sales
|
This Quarter
Compared To
|
|
Median*
Sales Price
|
This Quarter
Compared To
|
| 1st Quarter 2009 |
567
|
|
|
$ 300,000
|
|
| 4th Quarter 2008 |
|
|
|
$ 315,600
|
dn 4.9%
|
| 1st Quarter 2008 |
1,037
|
dn 45.3%
|
|
$ 330,000
|
dn 9.1%
|
*Median price means half the prices were above and half below
the given price.
|
During the first quarter, the number of sales declined from one year ago and the median price paid for a single-family home decreased by 8.1 percent and the condominium price decreased by 9.1 percent. The total dollar volume of sales was $502.5 million in the first quarter, a decrease of $471.6 million, or 48.4 percent, from the $974.1 million in sales achieved in the same quarter last year.
The following table provides the quarterly median prices for the Oahu neighborhood groups (change compares 1st Quarter 2009 to 4th Quarter 2008):
| GEOGRAPHIC AREA |
SINGLE FAMILY HOMES |
Change |
CONDOMINIUMS |
Change |
| Entire Island |
$ 570,000 |
 |
$ 300,000 |
|
| |
| Metro Oahu (Town) |
$ 635,000 |
|
$ 297,200 |
|
| Diamond Head |
$ 880,000 |
|
$ 360,000 |
|
| Hawaii Kai |
$ 750,000 |
|
$ 500,000 |
|
| Kailua |
$ 692,000 |
|
$ 375,000 |
|
| Kaneohe |
$ 621,500 |
|
$ 422,500 |
 |
| North Shore |
$ 567,600 |
|
$ 332,000 |
|
| Central Oahu |
$ 557,500 |
|
$ 299,000 |
|
| Leeward Coast |
$ 336,300 |
|
$ 119,500 |
|
| Ewa Plain |
$ 461,500 |
|
$ 290,000 |
|
| Makakilo |
$ 500,000 |
NC |
$ 241,000 |
|
| Waipahu |
$ 506,000 |
|
$ 287,000 |
|
| Pearl City |
$ 560,000 |
|
$ 266,300 |
|
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 5,500 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.)
For further information about recent activity in your specific neighborhood, check out the information available on the Honolulu Board of REALTORS® website www.HiCentral.com or contact a REALTOR® in your area.
