Released: Monday, August 4, 2008 

HONOLULU - The Honolulu Board of REALTORS® released resale figures today for the month of July. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

During July, sales of 251 single-family homes and 365 condominiums were reported through the Board’s MLS, decreases of 26.0 percent for single family homes and 20.1 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 1,664 for the first seven months of 2008, a decrease of 25.7 percent over the same time period one year ago. Total condominium sales through July were 2,523, a 26.6 percent decrease from last year. The median prices paid for Oahu properties in the first seven months of 2008 were $627,000 and $330,000, respectively, a decrease of 2.8 percent for single-family homes from the same time period in 2007 and an increase of 1.5 percent for condominiums. The total dollar sales volume generated in the housing market for the first seven months of this year was $2.325 billion, a decrease of 24.4 percent, or $750 million, compared to the $3.075 billion produced one year ago.

“July sales figures show an increase in the Days on Market indicator which measures the time a property is on the market before a sales agreement is reached,” said Dana Chandler, President of the Honolulu Board of REALTORS®. “Single-family homes needed 52 days to sell and condominiums took 42 days, both increases from last year’s 44 and 38 days. Buyers may be more cautious with the current state of the economy, but so far our markets still seem to be operating normally, and Honolulu continues to provide a stable environment for both buyers and sellers.”

“The number of resales in the Oahu housing market may be starting to stabilize at these reduced levels,” added Harvey Shapiro, Research Economist at the Board of REALTORS®. “The rate of decline has softened a bit and this could signal that we’re nearing the bottom of this slower market, but we need to see a few more months of data to confirm this. Our prices are still staying near current levels, although these softer market conditions may require more seller concessions to make a deal.”

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.)