August Residential resale statistics

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:

“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.”

(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.)