Released: July 5, 2005 HONOLULU - Median prices paid in June for homes and condominiums on Oahu were close, but below, the records set last month. According to statistics released today by the Honolulu Board of REALTORS® (HBR), median sales prices for June were $593,300 for single-family homes and $264,000 for condominiums, a decrease of 2.7% and 0.4%, respectively, over last month.
According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:
During June, sales of 440 single family homes and 703 condominiums were reported through the Board's MLS. For the year, the number of single-family home sales in the first six months is 2,200, a slight gain of 0.8% over the same time last year. There have been 3,921 sales of condominiums for the same period, an increase of 6.2% over the prior year. For the first six months of 2005 ending in June, the median prices paid were $551,100 for single-family homes and $245,000 for condominiums, increases from the same time period last year of 25.5% and 24.4%, respectively. The total dollar volume of sales in 2005 is $2.721 billion, an increase of $611 million, or 28.9%, from the $2.110 billion achieved last year. Judith Kalbrener, President of the Honolulu Board of REALTORS®, said, "There continues to be a severe lack of inventory in both the single-family home and condominium markets. During June, only 592 single-family homes and 879 condominiums came onto the market as new active listings. Last year at the same time, these numbers were 677 and 1,093, respectively, so it's clear that fewer owners are listing their properties for sale in this market. Either they have already sold or are wondering when the best time is for them to make a move."
Harvey Shapiro, Research Economist at the Board of REALTORS®, said, "Premiums seem to be a mainstay for housing sales. During June, 31.1% of single-family homes and 29.4% of condominiums were sold at more than the asking price. These are both new Oahu records and seem to imply that future prices will continue increasing, although prices seemed to have stabilized somewhat in June after the large increases in May."
The public is encouraged to visit the Board's Internet web site at http://www.hicentral.com to see what's happening in the housing market. The public has the ability to search through Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of 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 celebrating its 83rd 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 5,000, is available to licensed real estate brokers and agents who agree to adhere to a strict Code of Ethics. For more information, call (808) 732-3000.
(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.)
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Note: Honolulu Board of REALTORS® receives inquiries seeking professional advice; however the Honolulu Board of REALTORS® staff is not qualified, nor licensed, by the state of Hawaii to properly address real estate or legal issues. For questions concerning these issues, consult with either the Hawaii Real Estate Commission, your Principal Broker, or an Attorney.