OAHU HOUSING MARKET CONTINUES ON STABLE PATH **June 2006 Residential Resales Statistic Released**
Released: Wednesday, July 5, 2006
Today, the Honolulu Board of REALTORS® released resale figures for the month of June. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:
June 2006 Residential Resales Statistics for Oahu Single Family Home Resales
"The housing market continues on a more stable path," said Mary K. Flood, President of the Honolulu Board of REALTORS®. "Both buyers and sellers need to recognize that more market time is required to sell properties at current price levels, as the market continues to normalize."
"June ends the first half of the year and our statistics show what we've been expecting - fewer sales and higher prices," said Harvey Shapiro, Research Economist at the Board of REALTORS®. "These price increases are in spite of the sizeable expansion we've had in the available inventory."
In June, there were 1,836 single family homes and 2,582 condominiums being actively marketed, compared to only 879 and 988 properties, respectively, available last year at the same time. "This huge increase takes us back to inventory levels of 1999, but still well below the counts of the early 1990s when there were about 2,500 single family dwellings and more than 4,600 condominiums available for sale," added Shapiro.
The public is encouraged to visit the Board's Internet web site at 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 84th year of service to Oahu and is one of the largest of 1,500 boards of REALTORS® in the nation. With over 6,000 members, it is also the largest trade organization on Oahu. Membership 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 or visit www.HiCentral.com.
(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 one and three months.)
© 1995-2012 Honolulu Board of REALTORS®. All rights reserved.Information herein deemed reliable but not guaranteed.
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.