April 2007 residential resales statistics for Oahu

May 2, 2007

Honolulu Board of Realtors: Home prices hold steady

Oahu ‘s housing market continues on a stable path according to April resales figures released today by the Honolulu Board of REALTORS®. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

April 2007 Residential Resales Statistics for Oahu Single Family Home Resales
	Number of Sales	This Month Compared To		Median* Sales Price	This Month Compared To
April, 2007	342			$ 665,000
March, 2007				$ 643,500	up 3.3%
April, 2006	332	up 3.0%		$ 615,000	up 8.1%
Condominium Resales
	Number of Sales	This Month Compared To		Median* Sales Price	This Month Compared To
April, 2007	527			$325,000
March, 2007				$321,000	up 1.2%
April, 2006	584	dn 9.8%		$296,500	up 9.6%
Click here to view April 2007 Resales Charts.
*Median price means half the prices were above and half below the given price.

During April, sales of 342 single-family homes and 527 condominiums were reported through the Board’s MLS, an increase in sales of 3.0 percent for single-family homes and a decrease of 9.8 percent for condominiums, compared to the same month last year. The median price paid in April for a single-family home was $665,000, while the condominium price was $325,000.

On a year-to-date basis, sales volume is lower by 5.3 percent for single-family homes and 16.9 percent for condominiums. The median prices for the first four months of 2007 were $630,000 and $322,000, an increase of 1.1 percent for single-family homes and 5.6 percent for condominiums, compared to same time period in 2006.

Total dollar sales volume for the first four months of 2007 was $1.663 billion, a decrease of 7.0 percent or $125 million, compared to the $1.788 billion produced in the housing market in the same time period in 2006.

“Single-family home sales in April for the Oahu housing market were actually higher than April 2006 and median prices paid for both property types were higher than last month,” said Berton Hamamoto, President of the Honolulu Board of REALTORS®. “And for the third month in a row, we noticed a drop in the days on market figures which may be significant as we go into our busiest season of the year.”

“As we predicted based on MLS pending data, April sales statistics came in quite powerfully,” noted Harvey Shapiro, Research Economist at the Board of REALTORS®. “The median prices rose in the 8 to 10 percent range, indicating that there continues to be a sizeable demand for Oahu housing, enough to not only maintain, but to push prices higher. Inventory increased only slightly in April with 1,726 single- family homes and 2,301 condominiums available on the market, which is significantly less than the increase we had a year ago. All-in-all, it looks like the market softness may be withering and that the stabilization process could be coming to a conclusion.”

(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.) 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.)