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, "Sales for the month of March were the same as a year ago. There were sales of 305 single family homes and 382 condominiums reported through the Board's Multiple Listing System computer during March, compared with 305 and 385, respectively, in 2001. This brings the sales total for 2002 to 801 single family homes and 1,036 condominiums. A year ago, there were sales of 737 and 955 units, respectively, increases of 8.7% and 8.5%. The median price paid in March for a single family home was $299,000, compared to $280,000 at the same time last year, an increase of 6.8%. The median condominium price was $137,300 in March, compared to $129,000 last March, an increase of 6.4%. For the first three months of 2002, the total dollar sales volume was $480.6 million, a jump of 10.8% over last year. In 2001, at the same point in time, it stood at $433.7 million."

Freeman continued, "The strong March sales continue to reflect the favorable mortgage rates that are available. Additionally, economic stability and the continued prospects of growth are motivating both buyers and sellers."

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 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 3,500, 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.)