December

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

Mary Begier, 2004 President of the Honolulu Board of REALTORS®, said, "The Oahu housing market finished the year on a high note. During December, 379 single family homes and 583 condominiums were sold through the Board's Multiple Listing Service computer, increases of 9.2% and 17.6% over the sales of last year at the same time. The median price paid for a single family home during December 2003 was $399,000, up 14.0% from the price of $350,000 paid one year ago. Median price of a condominium was $180,000, an increase of $20,000, or 12.5%, since last year. Total year-to-date sales for 2003 are 4,419 single family homes and 6,907 condominiums, compared to 3,906 and 5,406 sold in 2002, increases of 13.1% and 27.8%, respectively. The total dollar volume of sales in the Oahu residential sales market for 2003 reached $3,535 million, an increase of 35.1%, or $918 million, over the $2,617 million sold in 2002."

Harvey Shapiro, Research Economist at the Board of REALTORS®, said, "December capped off a record sales year for the Oahu residential housing market. Both the number of reported closed sales and the total dollar volume of sales surpassed all previous years since the Honolulu Board of REALTORS® began collecting and analyzing sales data in 1985. The low mortgage rates we had in 2003, as well as Hawaii's improving economy, have resulted in a particularly strong performance for the real estate industry, and we expect these market conditions to prevail well into the new year."

President Begier 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 82nd 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 4,500, 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.)