July

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

Guy Tamashiro, Chairman of the Honolulu Board of REALTORS®, said, "The statistics in July were nothing short of fantastic. Single family home resales rose 12.6% and condominium resales jumped 28.8%, to 366 and 528 units, respectively. This brings the year-to-date resales, through July, to 2,198 single family dwellings and 2,911 condominiums. These are sales increases of 11.5% and 17.9%, respectively, for the first seven months of this year. Median sales prices also fared well. The median price paid for a single family home in July was $320,000, a 5.3% increase above the $304,000 paid last July. The condominium median price was $157,000 during July, 12.1% ahead of last year's $140,000. The higher sales prices and strong sales volume have combined to push up the total dollar sales volume. Through July, year-to-date sales volume reached $1,386.5 million, 21.6% higher than the $1,140.5 generated in the housing market in 2001. This is an increase of $246 million!"

Tamashiro continued, "Sales and new listings for both residential property categories soared in July. The recent high level of single family home sales activity is the highest since July 1987, fifteen years ago! The 528 condominium units sold in July were higher than for any month since July 1990. New single family home listings coming onto the market in July, at 537, were the highest that the Board has ever recorded since January 1986 when the Board started maintaining records. New condominium listings were 714 in July, higher than for any month since May 1995. Even though past statistical records continue to be shattered by the current level of activity, it's anyone's guess how long this housing market run will maintain strength."

Tamashiro 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 80th 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 3,600, 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.)