February 2008 residential resales statistics

March 3, 2008

FEBRUARY 2008 RESIDENTIAL RESALES STATISTICS

OAHU CONDOMINIUM MEDIAN PRICES TIE RECORD HIGH

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

February 2008 Residential Resales Statistics for Oahu Single Family Home Resales
	Number of Sales	This Month Compared To		Median* Sales Price	This Month Compared To
February, 2008	163			$ 599,000
January, 2008				$ 600,000	dn 0.2%
February, 2007	272	dn 40.1%		$ 614,500	dn 2.5%
Condominium Resales
	Number of Sales	This Month Compared To		Median* Sales Price	This Month Compared To
February, 2008	321			$335,000
January, 2008				$324,000	up 3.4%
February, 2007	402	dn 20.1%		$320,000	up 4.7%
Click here to view February 2008 Resales Charts.
*Median price means half the prices were above and half below the given price.

During February, sales of 163 single-family homes and 321 condominiums were reported through the Board’s MLS, decreases of 40.1 percent for single-family homes and 20.1 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 391 for the first two months of 2008, a decrease of 26.9 percent over the same time period one year ago. Total condominium sales through February were 645, a 21.3 percent decrease from last year. The median prices paid for Oahu properties were $599,000 and $335,000, respectively, a decrease of 2.5 percent for single-family homes from the February 2007 price and an increase of 4.7 percent for condominiums. The total dollar sales volume generated in the housing market for the first two months of the year was $598.5 million, a decrease of 17.0 percent, or $122.4 million, compared to the $720.9 million produced one year ago.

“While everything has slowed – from the number of new listings being put on the market to the quantity of sales transactions and even the number of properties going into escrow – the inventory hasn’t ballooned like in past post-boom periods and this should be taken as a positive sign,” said Dana Chandler, President of the Honolulu Board of REALTORS®.

“The median sales price for Honolulu single-family homes dipped below the $600,000 mark for the first time in almost three years, but the condominium price tied its all-time record high,” added Harvey Shapiro, Research Economist at the Board of REALTORS®. “The prices being paid demonstrate the stability of our residential markets compared to the downturn in the housing markets on the Mainland.”

(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.)