June

HONOLULU--Today, the Honolulu Board of REALTORS® released resale figures for the month of June. 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, "During June, sales of 338 single family homes and 343 condominiums were posted to the Board's Multiple Listing system. These sales figures compare to 293 and 326 last year, respectively, resulting in sales gains of 15.4% and 5.2%. Year-to-date sales for the first half of 2001 are 1,646 single family dwellings, compared to 1,496 in the same time span a year ago, an increase of 10.0%. For condominiums, sales of 2,059 units this year exceed last year's number of 1,885 by 9.2%. Since a year ago, the June median sales price for a single family home decreased 2.1%, to $305,000, but the condominium median price of $139,000 rose by 4.2%. The dollar volume of sales for the first six months this year has attained $952.6 million. This is an increase of 4.3%, or $39 million, from the dollar sales volume at the same point in 2000."

Freeman continued, "Our market expansion of nearly four years continues as seen with the statistics for June. Both single family home and condominium sales were higher this June, compared to last. The higher number of sales raised the annual sales rate to just over 7,400 dwellings. This is nearly double the rate of sales that we had in 1996 when the lowest sales point of the market was reached. We've rebounded significantly from this low and the current volume of sales is a reminder of just how powerful our market has become in the past few years."

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 1,600 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.)