**May 2007 Residential Resales Statistic Released**
Released: Monday, June 4, 2007
HONOLULU - The Honolulu Board of REALTORS® released resale figures for the month of May. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:
May 2007 Residential Resales Statistics for Oahu Single Family Home Resales
During May, sales of 357 single-family homes and 543 condominiums were reported through the Board's MLS, decreases of 4.5 percent for single-family homes and 10.2 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 1,564 for the first five months of 2007, a decrease of 5.2 percent over the same time period in 2006. Total condominium sales were 2,431, a 15.5 percent decrease from last year. The year-to-date median prices paid for Oahu properties in the first five months this year were $635,000 and $322,000, respectively, increases of 0.8 percent and 5.6 percent over the 2006 prices of $630,000 and $305,000. The total dollar sales volume generated in the housing market for the first five months of the year was $2.164 billion, a decrease of 5.6 percent, or $130 million, compared to the $2.294 billion produced one year ago.
"The Oahu housing market is continuing to stabilize as we have been reporting since January," said Berton Hamamoto, president of the Honolulu Board of REALTORS®. "Median prices continue to plateau and activity is good. Our expectation is that the market will maintain the current pattern for the rest of the year, subject to interest rates staying stable."
"The Oahu housing market is still on the upswing, apparently counter to the national trends," added Harvey Shapiro, research economist at the Board of REALTORS®. "The inventory has been particularly stable this year, at about 1,800 single-family homes and 2,250 condominiums available for sale. Asking prices, however, have come down to more realistic levels, at about $740,000 for single-family homes and $350,000 for condominiums. The single-family home list price has seen a significant reduction from its peak at $850,000 in 2005. Finally, the Days on Market indicators during May have been substantially reduced and are now back to similar levels as they were a year ago at 42 days for single-family homes and 38 days for condominiums."
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.
Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,600 boards of REALTORS® in the nation and, with over 6,000 members, the largest trade organization on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry pledged to adhere to a strict Code of Ethics and Standards of Practice. 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.