Hawaii Real estate market statistics for August, 2005

September 1, 2005

Honolulu : Oahu real estate sales set new records

Today, the Honolulu Board of REALTORS® 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 455 single family homes and 831 condominiums were reported through the Board’s MLS, increases in sales volume of 11.0% and 14.1%, respectively, from the same month in 2004. For 2005, through August, there have been sales of 3.076 single family homes and 5,443 condominiums, compared to 3,060 and 5,196, respectively, a year ago, for increases of 0.5% and 4.8%. The median prices paid during August were $625,000 and $282,000, respectively, which are advances over last August’s median prices of $450,000 and $207,800. The year-to-date median prices are $575,000 and $254,000, increases from the same time period last year of 28.4% and 27.0%, respectively. Total dollar sales volume for the first eight months of 2005 is $3,909.6 million compared to the $3,012.8 million generated during the same time period in 2004, for an increase of 29.8%, or $896.8 million.

“Sales in August set new Oahu housing market records in almost all categories,” said Judith Kalbrener, President of the Honolulu Board of REALTORS®. “Both single family home and condominium median sales prices were the highest ever, and at 831, the number of condominium sales exceeded all prior months since 1985 when HBR started maintaining historical records. While sales growth appeared to have flattened earlier this year, the August figures show that we’re back on track for another record year.”

Harvey Shapiro, Research Economist at the Board of REALTORS®, said, “In August, there were 1,060 single family homes and 1,097 condominiums available for sale, well below the same period last year when 1,179 and 1,658, respectively, were actively being marketed. The number of new listings that came on the market in August, 780 single family homes and 1,081 condominiums, appear abnormally high, but they reflect typical seasonal trends. Inventory is now over 1,000 units in both sides of the market, but the severe shortage continues.”

(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 two and four months.)