Honolulu Board of Realtors October 2008 statistics

Oahu home prices stabilize

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

During October, sales of 243 single-family homes and 316 condominiums were reported through the Board’s MLS, decreases of 8.3 percent for single-family homes and 25.3 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 2,377 for the first ten months of 2008, a decrease of 24.3 percent over the same time period one year ago. Total condominium sales through September were 3,489, a 26.8 percent decrease from last year. The median prices paid for island properties in the first ten months of 2008 were $625,000 and $325,000, respectively, a decrease of 3.7 percent for single-family homes from the same time period in 2007 and no change for condominiums. The total dollar sales volume generated in the housing market for the first ten months of this year was $3.256 billion, a decrease of 24.8 percent, or $1.073 billion, compared to the $4.329 billion produced one year ago.

“The median prices climbed back up last month after declining in September, a good sign for both home seller and buyers of the strength of the Oahu housing market,” said Dana Chandler, President of the Honolulu Board of REALTORS®. “Sales have continued to cool, but at a lower rate than in the past few months. The reduction in the number of single-family home sales during October was under 10 percent, compared to the same month last year, while the condominium market continues its contraction. We hope to see the market volume stabilize in the coming months as the economy adjusts to the current financial climate.”

“Even though sales have declined, the inventory expansion has been quite slow,” added Harvey Shapiro, Research Economist at the Honolulu Board of REALTORS®. “In October, a total of 2,017 single-family homes and 2,663 condominiums were actively seeking buyers, compared to 1,973 and 2,444 properties, respectively, a year ago. Lesser sales have had more impact than the increased inventory on the higher number of months of inventory, which increased from 7.7 months to 9.8 for single-family dwellings and from 5.9 months to 8.7 for condominiums. Meanwhile, the median prices for Oahu properties are holding steady at current levels.”

(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.)