August

Released: Wednesday, September 2, 2009

HONOLULU - The Honolulu Board of REALTORS® released resale figures today 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 247 single-family homes and 351 condominiums were reported through the Board’s MLS, a decrease of 3.1 percent for single-family homes and an increase of 1.7 percent for condominiums, compared to the same month last year.  This brings total single-family home sales on Oahu to 1,619 for the first eight months of 2009, a decrease of 15.6 percent over the same time period one year ago. Total condominium sales through August were 2,058, a 28.2 percent decrease from last year.  The median prices paid for island properties in the first eight months of 2009 were $570,000 and $305,000, respectively, decreases of 9.4 percent for single-family homes from the same time period in 2008 and 7.6 percent for condominiums.  The year-to-date total dollar sales volume generated in the housing market through August was $1.81 billion, a decrease of 32.2 percent, or $862.4 million, compared to the $2.67 billion produced one year ago.

“Sales in August were about the same as a year ago, with single-family homes marginally lower and condominium sales higher, which appear to indicate that we’ve stopped declining and that we’ve hit a bottom in the housing market,” said Sandra “Sam” Bangerter, president of the Honolulu Board of REALTORS^®. "In fact, there is a new energy in the market, as many sellers are seeing multiple offers on properties that are well priced."

“The Oahu housing market seems to be operating in miniature with sales, inventory and new listings all at lower levels than in past years,” added Harvey Shapiro, research economist at the Honolulu Board of REALTORS^®.  “This balance, particularly the shrunken inventory, is the reason for our stability and why we’ve avoided the significant price adjustments experienced on the Mainland. Prospective buyers and sellers continue to sit on the sidelines and wait for a sign that the economy is shoring up, but akamai buyers are already searching for bargains, especially with financing costs at record lows.”

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 5,500 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.)