Honolulu housing resale statistics for march 2009

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

During March, sales of 188 single-family homes and 248 condominiums were reported through the Board’s MLS, decreases of 33.3 percent for single-family homes and 36.7 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 439 for the first three months of 2009, a decrease of 34.8 percent over the same time period one year ago. Total condominium sales through March were 567, a 45.3 percent decrease from last year. The median prices paid for island properties in the first three months of 2009 were $570,000 and $300,000, respectively, decreases of 8.1 percent for single-family homes from the same time period in 2008 and 9.1 percent for condominiums. The total dollar sales volume generated in the housing market for the first three months of this year was $502.5 million, a decrease of 48.4 percent, or $471.6 million, compared to the $974.1 million produced one year ago.

“The Oahu residential housing market bounced back in March, with sales rising substantially from the last two months,” said Sandra “Sam” Bangerter, President of the Honolulu Board of REALTORS®. “Compared to last year, however, the market is still very weak and we expect these slower conditions to continue until there is better economic news in Hawaii.”

“Even with the healthier March numbers, the housing market on Oahu is still contracting,” added Harvey Shapiro, Research Economist at the Honolulu Board of REALTORS®. “Prices are still relatively strong, although there are median price declines in many neighborhoods, but nowhere near the percentage declines experienced on the Mainland. Buyers may perceive that we’ve hit the bottom of this market and may be returning from the sidelines, but the key factor will be financing availability to go along with the historically low mortgage rates.”

The Honolulu Board of REALTORS® also released resale figures for the first quarter of 2009. According to the analysis conducted by the Board, using data collected from its MLS system, the statistics are:

During the first quarter, the number of sales declined from one year ago and the median price paid for a single-family home decreased by 8.1 percent and the condominium price decreased by 9.1 percent. The total dollar volume of sales was $502.5 million in the first quarter, a decrease of $471.6 million, or 48.4 percent, from the $974.1 million in sales achieved in the same quarter last year.

The following table provides the quarterly median prices for the Oahu neighborhood groups (change compares 1st Quarter 2009 to 4th Quarter 2008):

GEOGRAPHIC AREA	SINGLE FAMILY HOMES	Change	CONDOMINIUMS	Change
Entire Island	$ 570,000		$ 300,000
Metro Oahu (Town)	$ 635,000		$ 297,200
Diamond Head	$ 880,000		$ 360,000
Hawaii Kai	$ 750,000		$ 500,000
Kailua	$ 692,000		$ 375,000
Kaneohe	$ 621,500		$ 422,500
North Shore	$ 567,600		$ 332,000
Central Oahu	$ 557,500		$ 299,000
Leeward Coast	$ 336,300		$ 119,500
Ewa Plain	$ 461,500		$ 290,000
Makakilo	$ 500,000	NC	$ 241,000
Waipahu	$ 506,000		$ 287,000
Pearl City	$ 560,000		$ 266,300

The public is encouraged to visit the Board’s Internet web site at www.HiCentral.com to see what’s happening in the housing market. The public has the ability to search through Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location, price range or both. HiCentral.com provides useful information about buying and selling real estate in Hawaii.

Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,600 boards of REALTORS® in the nation and, with over 5,500 members, the largest trade organization on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry pledged to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.HiCentral.com.

(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.)