August

Honolulu Board of REALTORS®

OAHU HOUSING MARKET CONTINUES TO HOLD STEADY
**Honolulu Board of REALTORS® Releases August Residential Resales Statistics**

Released: Tuesday, September 2, 2008

HONOLULU - The Honolulu Board of REALTORS® today released resale figures for the month of August. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

During August, sales of 255 single-family homes and 345 condominiums were reported through the Board’s MLS, decreases of 33.1 percent for single family homes and 30.3 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 1,919 for the first eight months of 2008, a decrease of 26.8 percent over the same time period one year ago. Total condominium sales through August were 2,868, a 27.0 percent decrease from last year. The median prices paid for Oahu properties in the first eight months of 2008 were $629,000 and $330,000, respectively, a decrease of 2.8 percent for single-family homes from the same time period in 2007 and an increase of 1.5 percent for condominiums. The total dollar sales volume generated in the housing market for the first eight months of this year was $2.67 billion, a decrease of 25.2 percent, or $903 million, compared to the $3.58 billion produced one year ago.

“The number of residential sales during August shows that the Oahu housing market continues to cool, but the median prices paid for island properties are being maintained,” said Dana Chandler, President of the Honolulu Board of REALTORS®. “Market time hovers in the rather speedy 40-day range, demonstrating that Oahu’s market continues to provide a stable environment for buyers and sellers.”

“Sales are not the only measure showing a contraction, but the number of new listings for properties coming onto the market is also shrinking,” added Harvey Shapiro, Research Economist at the Honolulu Board of REALTORS®. “This August, 514 single-family homes and 622 condominiums were added to the inventory, significant declines from the counts of 622 and 914, respectively, from August 2007. These conditions limit the inventory expansion, which probably accounts for prices holding steady at current levels.”

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.)