December 2007 Hawaii residential resale statistics

January 2, 2008

DECEMBER 2007 RESIDENTIAL RESALES STATISTICS RELEASED

 

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

December 2007 Residential Resales Statistics for Oahu Single Family Home Resales
	Number of Sales	This Month Compared To		Median* Sales Price	This Month Compared To
December, 2007	240			$ 610,000
November, 2007				$ 610,000	No Change
December, 2006	346	dn 30.6%		$ 613,500	dn 0.6%
Condominium Resales
	Number of Sales	This Month Compared To		Median* Sales Price	This Month Compared To
December, 2007	353			$320,000
November, 2007				$315,000	up 1.6%
December, 2006	458	dn 22.9%		$315,500	up 1.4%
Click here to view December 2007 Resales Charts.
*Median price means half the prices were above and half below the given price.

During December, sales of 240 single-family homes and 353 condominiums were reported through the Board’s MLS, decreases of 30.6 percent for single family homes and 22.9 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 3,627 for 2007, a decrease of 10.2 percent over the same time period one year ago. Total condominium sales for all of 2007 were 5,499, a 13.8 percent decrease from last year. The full year median prices paid for Oahu properties were $643,500 and $325,000, respectively, increases of 2.1 percent and 4.8 percent over the 2006 prices of $630,000 and $310,000. The total dollar sales volume generated in the housing market for all of 2007 was $4.977 billion, a decrease of 8.9 percent, or $488 million, compared to the $5.465 billion produced one year ago.

“Even though the number of sales have declined in the last few months of 2007, we are coming off of such record highs that we are still at the levels we attained during the last peak cycle between 1988 and 1991,” said Berton Hamamoto, President of the Honolulu Board of REALTORS®. “The Honolulu real estate market has faired well this year in comparison to many Mainland cities. We showed modest gains of 2.1 percent and 4.8 percent for single-family and condo sale prices, as opposed to negative numbers for several U.S. cities.”

“Housing resales during December were low but this was not unexpected,” added Harvey Shapiro, Research Economist at the Board of REALTORS®. “The economy in Hawaii has been maintaining its strength although there are some indications of a coming slowdown.”

(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.)