May

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

Peter Freeman, President & CEO of the Honolulu Board of REALTORS®, said, " These incredible May resales figures continued the Oahu housing market expansion into a thirty-fifth consecutive month of growth. Total residential (single family home and condominium) sales in May 2000 were 721 dwellings, compared to 532 for the same month last year, a tremendous increase of 35.5%. In both categories of residential housing, sales achieved this month were the highest we've seen in a decade, since mid-1990. The dollar volume of sales in May was $197 million, a 46.1% increase from year ago figures. On a year-to-date basis, dollar volume for the first five months of this year stands just below three quarters of a billion dollars, more than 30% above last year's level."

Freeman continued, " The invigorated buyer demand for Oahu homes affects the existing inventory. The Months of Inventory (MOI) statistic, a computed measure of supply and demand, is at the lowest point in ten years. A year ago, the MOI stood at 7.2 and 9.0 months, for single family home and condominiums, respectively. In May, the MOI dropped to just 5.6 months for both housing categories. Another indicator of the strength in the housing market is the extremely fast sales time."  Harvey Shapiro, the Board's Research Chief, added, "Single family home properties were on the market just 34 days before a sales agreement was reached, with only 48 days of market time for condominiums. These numbers challenge the speed of sales at the height of the Japanese bubble period ten years ago."

Freeman also stated, "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, both 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. In addition, there is a lot of useful information about buying and selling real estate in Hawaii."

The Honolulu Board of REALTORS® is in its 78th year of service to Oahu and is one of the largest of 1,600 boards of REALTORS® in the nation. It is also the largest trade organization on Oahu. Membership, which numbers approximately 3,500, 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.)