April

HONOLULU--Today, the Honolulu Board of REALTORS® released resale figures for the month of April. 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, "Sales for Oahu resale market continue to be quite strong. In April, sales of 320 single family homes and 552 condominiums were reported through our Multiple Listing Service computer. This brings total sales for the year, through April, to 1,194 single family homes and 2,025 condominiums, compared to 1,126 and 1,502 last year, for sales increases of 6.0% and 34.8%, respectively. Prices are also climbing, with the median price paid for a single family dwelling during April at $362,500 and $165,000 for a condominium. These prices are up 14.4% and 13.8%, respectively, from a year ago. Total dollar sales volume for 2003 has reached $908,5 million compared $684,8 million at the same time last year, an increase of 32.7%."

Harvey Shapiro, Research Economist at the Board of REALTORS®, said, "We have been looking for any negative effects in the housing market that may have resulted from the Iraqi war, but they haven't yet been obvious. Single family home closings were off a few units in April, however, this slight decline may not be related to the war as evidenced by the significant increase in condominium sales. And, median prices are continuing their upward trend with both housing categories achieving seven year highs."

Shapiro continued, "The Oahu housing market continues to be one of the strongest sectors of our local economy."

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.)