January 2007, Residential resales statistics for Oahu

February 5, 2007

HBR: Oahu housing market is steady during January

Oahu ‘s housing market held steady during the first month of 2007, according to released resale figures today by the Honolulu Board of REALTORS®. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

January 2007 Residential Resales Statistics for Oahu Single Family Home Resales
	Number of Sales	This Month Compared To		Median* Sales Price	This Month Compared To
January, 2007	263			$ 600,000
December, 2006				$ 613,500	dn 2.2%
January, 2006	303	dn 13.2%		$ 615,000	dn 2.4%
Condominium Resales
	Number of Sales	This Month Compared To		Median* Sales Price	This Month Compared To
January, 2007	418			$320,000
December, 2006				$315,500	up 1.4%
January, 2006	504	dn 17.1%		$295,000	up 8.5%
Click here to view January 2007 Resales Charts.
*Median price means half the prices were above and half below the given price.

During January, sales of 263 single-family homes and 418 condominiums were reported through the Board’s MLS, decreases in sales of 13.2 percent and 17.1 percent, respectively, compared to the same month last year. The median price paid in January for a single-family home was $600,000, while the condominium median price was $320,000, a decline of 2.4 percent for single-family homes and an increase of 8.5 percent for condominiums. Total dollar sales volume for the month was $369 million, a decrease of 8.3 percent, or $33 million, compared to the $402 million generated in the housing market in the January 2006.

“We are starting 2007 continuing the same trend as last year, with median prices staying within a pretty narrow trading range,” said Berton Hamamoto, president of the Honolulu Board of REALTORS®. “There were no surprises in January as the residential housing market continues to stabilize, but we do see a resurgence in activity going on right now so it will be interesting to see the figures in the coming months.”

“After peaking in the third quarter of 2005, the number of sales is continuing to adjust downward to a lower level of activity,” said Harvey Shapiro, research economist at the Honolulu Board of REALTORS®. “An important indicator for the housing industry is mortgage rates and, this week, the U.S. Federal Reserve held the line on interest rates, so favorable financing for real estate should continue to be available.”

(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.)