March

HONOLULU--Today, the Honolulu Board of REALTORS® released resale figures for the month of March. 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, "The Oahu sales market continued to expand through a forty-fifth consecutive month. During March, a particularly large number of sales recorded, 305 single family homes and 385 condominiums, compared to 231 and 309 units a year ago, respectively. These sales represent increases of 32.0% and 24.6% for this month, respectively. Median prices paid for properties in March were within well-established ranges at $280,000 for single family homes and $129,000 for condominiums. The change in monthly prices from last year was mixed, however, with the median price paid for a single family home declining 0.9% and the median condominium price rising 7.5%. The year-to-date dollar volume of sales now surpasses $433 million, an increase of 12.6% from the $385 million generated by the housing market during the same time period last year."

Freeman continued, "Inventory of available homes and condominiums is still quite adequate. The median asking price of the inventory has jumped since the beginning of the year, achieving their highest level in the past few years. The single family home median asking price of $345,000 is the highest since early-1998. Condominiums, with a median asking price of $159,900, are now priced higher than at any time since 1997. For the first time in a number of years, the quantity of available single family home properties also increased, ending last year with an additional 80 dwellings on the market. This number has shrunk since the beginning of the year, but the inventory availability is currently the same level it was in December 1999. The decline in condominiums inventory has lessened. The number of condominium units on the market is 1,753, although below the count of December 1999 count of 2,120, the condominium market remains stable."

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.)