Honolulu real estate resale statistics for July 2009

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

During July, sales of 265 single-family homes and 327 condominiums were reported through the Honolulu Board’s MLS, an increase of 5.6 percent for single-family homes and a decrease of 10.4 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 1,372 for the first seven months of 2009, a decrease of 17.5 percent over the same time period one year ago. Total condominium sales through July were 1,707, a 32.3 percent decrease from last year. The median prices paid for island properties in the first seven months of 2009 were $570,000 and $307,000, respectively, decreases of 9.1 percent for single-family homes from the same time period in 2008 and 7.0 percent for condominiums. The year-to-date total dollar sales volume generated in the housing market through July was $1,524.1 million, a decrease of 34.5 percent, or $801.4 million, compared to the $2.3 billion produced one year ago.

“This is the second consecutive month we’ve had an uptick in single-family home resales and it is a welcome change for the current housing market,” said Sandra “Sam” Bangerter, president of the Honolulu Board of REALTORS®. “Also, the median prices paid in both housing categories increased this month compared to last. While we’re continually monitoring economic conditions, both nationally and locally, the numbers we’re seeing for the Oahu residential real estate market may be indicating that we’re already past the bottom.”

“Credit our small, continually shrinking inventory for maintaining relatively stable price levels, even with the lower demand for housing,” added Harvey Shapiro, research economist at the Honolulu Board of REALTORS®. “President Obama says that the government stimulus programs are bearing fruit, particularly for the auto sector, so we’re hopeful that the housing industry will follow suit.”

(This Hawaii real estate 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.)