March

HONOLULU BOARD OF REALTORS® RECORDS SIGNIFICANT MONTH-ON-PREVIOUS MONTH INCREASE IN CONDOMINIUM SALES

** March Residential Resales Statistics Also Indicate Year-Over-Year Gain in Pending Sales for Both Single-Family Homes and Condominiums**

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

*Median price means half the prices were above and half below the given price.

During March, sales of 222 single-family homes and 338 condominiums were reported through the Board’s MLS, a decrease of 10.8 percent and an increase of 2.1 percent, respectively, from March 2011. The median price paid for island properties in March was $625,000 for single-family homes and $311,750 for condominiums, an increase of 13.9 percent and a decrease of 1.0 percent, respectively, compared to the same month last year. According to the Days on Market indicator, sales for single-family homes were accepted at a slower pace last month compared to a year ago with single-family properties listing for 44 days; condominiums were accepted in a shorter amount of time, listing for 39 days, down from 46.

“The number of condominiums sold this month increased dramatically compared to last month. In fact, there was a 48.9% increase from February of this year,” said Joe Paikai, president of the Honolulu Board of REALTORS ® . “Looking to the future, we’re cautiously optimistic, especially given the 7% year-overyear gain we’re seeing in pending sales for both single-family homes and 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 1,500 boards of REALTORS® in the nation and, with over 5,600 members, one of the largest trade organizations 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.)