September

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

Peter Freeman, President & CEO of the Honolulu Board of REALTORS®, said, "In the month of September, there were 261 single family homes and 334 condominiums reported sold through our automated Multiple Listing Service system, both showing declines from last year. For the full year, sales are ahead of last year, with 2,573 single family homes and 3,245 condominiums sold. This compares to 2,384 and 2,924, respectively, for the same time one year ago, increases of 7.9% and 11.0%. Median prices were higher this month, compared to both last month and last year at the same time. The single family home median price of $308,000 was 10.0% above last year's level and the condominium median price of $134,000 was up 3.1%. Total year-to-date dollar sales volume through September is $1.51 billion, compared to $1.44 billion last year, an increase of 4.9%."

Freeman continued, "At this time the Oahu housing market statistics appear to be marginally affected by the tragic and horrific events of September 11th. Through the end of September, our data doesn't reflect any major changes in market trends. In that we report only closing transactions, it is too soon to determine any short or long term trends in the market. The number of properties moving into pending and contingent status this month exceeded those entered in September 2000, but we will need to wait to see the overall market impact over the next few months as a result of our national tragedy."

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, 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 79th 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 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.)