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:

Anne Keamo, 2003 Chair of the Honolulu Board of REALTORS®, said, "The Oahu housing market continues to roar. In July, sales of 454 single family homes and 625 condominiums were recorded through the Board's Multiple Listing Service computer. This brings our year-to-date totals to 2,451 single family homes and 3,751 condominiums, increases of 11.5% and 28.9%, respectively, since the same time period last year. Median prices paid during July were $390,000 and $175,000, for single family homes and condominiums, respectively. These sales prices compare to $320,000 and $157,000 in July of last year, respectively, for increases of 21.9% and 11.5%. The total dollar volume of sales for 2003 has now reached $1.87 billion, an increase of $486 million, or 35.0%, from one year ago."

Harvey Shapiro, Research Economist at the Board of REALTORS®, said, "Resales in July reached another milestone, posting the highest ever single family home sales number of 454 , and the highest number of condominium sales in over a decade. For condominiums, there were 625 sales, the largest sales count since May 1990 when we had 769 sales on Oahu."

Shapiro continued, "Of particular note this month was the large number of condominium sales agreements signed in July that will close in the coming months. The Board has been keeping records of these pending transactions since 1988 and this month's 1,017 condominium units was the highest we've ever seen. At least in the short-term, we are confident that sales will continue to rise, although the sizeable increase in mortgage rates this month could dampen future demand."

Chair Keamo 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 81st 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 4,000, 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.)