Mary Begier, 2004 President of the Honolulu Board of REALTORS®, said, "Strong resales continued in the Oahu housing market. In February, a total of 293 single family homes and 449 condominiums changed hands through the Board's Multiple Listing Service, increases of 8.9% and 3.7% over the sales in February 2003. On a year-to-date basis, sales for the first two months of 2004 are 635 and 1,007, respectively, increases of 16.1% and 10.8% from one year ago. The median price paid for a single family home in February was $410,000, another new record for Oahu, and an increase of 17.1% from prices paid last year. The median price of a condominium was $188,000, an increase of 12.6% from the price posted a year ago. The total dollar volume of sales in the Honolulu residential sales market for the first two months of 2004 is $575 million, compared to $406 million for the same time last year, an increase of 41.7%."

Harvey Shapiro, Research Economist at the Board of REALTORS®, said, "Sales prices continue to rise in the Oahu residential housing market, setting a single family home median price record, at $410,000. One reason for the enhanced sales prices is the extremely low level of available inventory. In February, there were only 829 single family and 1,187 condominium properties on the market for sale on Oahu, the smallest number of available properties since 1986 when the Board started keeping inventory records. Contrast these numbers with the prior inventory peaks of about 2,500 single family homes (August 1996) and 5,000 condominium units (November 1986) and you can see why sales occur much more quickly and at higher prices."

"Even with the limited availability of properties, the ability to purchase these properties by families with moderate incomes is very good. With lower mortgage interest rates, in 2003, 31.9% of the median household income could purchase a median priced home. This compares to requiring nearly 60% of median household income in 1990 because of much higher financing costs," according to HBR President Begier. "Furthermore HBR has partnered with the Hawaii HomeOwnership Center to assist limited income first time homebuyers to make their dream of homeownership a reality."

The public is encouraged to visit the Board's Internet web site, Hawaii Real Estate Central, to see what's happening in the housing market. We've provided the public with the ability to search through Oahu single family home and condominium listings, available for sale and for rent, and to see those 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.

The Honolulu Board of REALTORS® is in its 82nd year of service to Oahu and is one of the largest of 1,500 boards of REALTORS® in the nation. It is also the largest trade organization on Oahu. Membership, which numbers approximately 4,500, is available to licensed real estate brokers and agents who agree to adhere to a strict Code of Ethics.

(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 two and four months.)