January

HONOLULU--The Honolulu Board of REALTORS® today released resale figures for the month of January. 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, "As we enter the new year, Oahu housing resales continue to be robust. In January, our members reported closed sales of 245 single family homes and 288 condominiums through our Multiple Listing Service. These sales figures compare with 199 and 253 sales, respectively, last year. This maintains the expansionary trend we noted from July 1997, a string of forty-three consecutive months of expansion. With the single family home median price relatively unchanged at $299,000, the condominium median price of $135,000 was 12.5% higher than the $120,000 median posted one year ago. The change in sales volume is also very favorable. This month, we had a dollar volume of sales at $148.2 million, compared to just $118.9 million last year, an increase of 24.6% for the month of January. "

Freeman continued, "This year has started with very strong sales statistics, continuing the trend we experienced last year. This is a very stable and healthy market, one of significant sales expansion but moderate price movement. We look forward to its continuation throughout the coming year. The condominium sales speed also continued to be brisk. During January, the median time a property was on the market before a sale was 44 days. This is about two-thirds of last January's 63 day median and a good demonstration of the strength in this segment of the housing market."

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.)