Honolulu median home sales prices remain steady

Honolulu Board of Realtors April Statistics

Median Sales Prices remain steady

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

During April, sales of 256 single-family homes and 384 condominiums were reported through the Board’s MLS, decreases of 25.1 percent for single-family homes and 27.1 percent for condominiums, compared to the same month last year. This brings total single family home sales on Oahu to 929 for the first four months of 2008, a decrease of 23.0 percent over the same time period one year ago. Total condominium sales through April were 1,421, a 24.7 percent decrease from last year. The median prices paid for Oahu properties in the first four months of 2008 were $625,000 and $329,000, respectively, a decrease of 0.8 percent for single-family homes from the same time period in 2007 and an increase of 2.2 percent for condominiums. The total dollar sales volume generated in the housing market for the first four months of this year was $1.311 billion, a decrease of 21.2 percent, or $352 million, compared to the $1.663 billion produced one year ago.

“Median prices are holding pretty firm in the current Oahu housing market, at $639,000 and $327,000, in April,” sad Dana Chandler, President of the Honolulu Board of REALTORS®. “This contrasts with the significant losses of home values in Mainland cities tied mostly to the continuing credit crunch. We continue to be fortunate that this is still a stable environment for both buyers and sellers.”

“April’s data shows that there is enough demand, albeit lower than last year, to maintain our residential price levels,” added Harvey Shapiro, Research Economist at the Board of REALTORS®. “The U.S. Federal Reserve cut overnight interest rates this week by only 25 basis points, but this is seen as a positive move for the housing industry.”

(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).

Information in this Hawaii real estate site deemed to be reliable, but not guaranteed for Oahu.