April

Honolulu Board of REALTORS®

OAHU HOME SALES SLOW IN APRIL
**April 2006 Residential Resales Statistics Released**

Released: Tuesday, May 2, 2006

Sales of both single-family homes and condominiums slowed during April according to monthly resale figures released today by the Honolulu Board of REALTORS®. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

April 2006 Residential Resales Statistics for Oahu Single Family Home Resales
	Number of Sales	This Month Compared To	Median* Sales Price	This Month Compared To
April, 2006	332		$ 615,000
March, 2006			$ 650,000	dn 5.4%
April, 2005	418	dn 20.6%	$ 545,000	up 12.8%
Condominium Resales
	Number of Sales	This Month Compared To	Median* Sales Price	This Month Compared To
April, 2006	584		$296,500
March, 2006			$ 312,000	dn 5.0%
April, 2005	754	dn 22.5%	$243,000	up 22.0%
Click here to view April 2006 Resales Charts.
*Median price means half the prices were above and half below the given price.

During April, sales of 332 single-family homes and 584 condominiums were reported through the Board's MLS, decreases in unit sales volume of 20.6 percent and 22.5 percent, respectively, compared to the same month last year. The median prices paid in April were $615,000 and $296,500, for single-family homes and condominiums, respectively. On a year-to-date basis, sales volume is off 8.5 percent for single family homes and 10.1 percent for condominiums, while the median prices for the first four months of 2006 were $623,000 and $305,000, respectively, increases of 16.4 percent and 32.3 percent over the same time period in 2005. Total dollar sales volume for the four months ending in April was $1.788 billion, an increase of 6.5 percent, or $110 million, compared to the $1.678 billion generated in the housing market in the same time period one year ago.

"Sales this April were less than the unit sales volume in April 2005, caused mainly by the record rainfall that kept buyers at home and away from shopping for housing throughout the state," said Mary K. Flood, President of the Honolulu Board of REALTORS®. "While there shouldn't be any long-term effects from this unusual weather, it certainly played a role in the April sales statistics."

Harvey Shapiro, Research Economist at the Board of REALTORS®, said, "As mentioned by our President, the weather was a significant negative factor in the April housing market. The demand for properties was quite low, off more than 20 percent from 2005, and this held down the prices paid in both market categories. We consider this sustained poor weather as a one-time event and expect to be back on track in the coming months."

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. It is also the largest trade organization on Oahu. Membership, which numbers approximately 5,800, 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.)

April

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