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March 5, 2007

Honolulu Board of Realtors: Single Family homes and prices up in February

Sales and prices of single-family homes were up in February according to resale figures release 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:

During February, sales of 272 single-family homes and 402 condominiums were reported through the Board’s MLS, an increase in sales of 9.7 percent for single-family homes and a decrease of 17.5 percent for condominiums, compared to the same month last year. The median price paid in February for a single-family home was $614,500, while the median price for a condominium was $320,000. On a year-to-date basis, sales volume is lower by 2.9 percent for single-family homes and 17.3 percent for condominiums, while the median prices for the first two months of 2007 were $610,000 and $320,000, a decline of 0.8 percent for single-family homes and an increase of 4.9 percent for condominiums, compared to same time period in 2006. Total dollar sales volume for the first two months of the year was $721 million, a decrease of 6.0 percent, or $46 million, compared to the $767 million generated in the housing market in the same time period one year ago.

“The residential sales market continues the trend of slower sales but higher prices, with small increases on both sides of the market,” said Harvey Shapiro, research economist at the Board of REALTORS®. “As judged by the Days on Market indicator, which shows the length of time a property is on the market before it sells, activity is still slowing, dropping in February to 70 for single-family homes and 59 days for condominiums. At this time last year, the speeds were 42 and 31 days, respectively, and if we go back to February 2004, this indicator was just 23 and 34 days.”

“February is historically the lowest sales month of the year, but this year’s February single-family home sales not only exceeded last month’s total, but also February 2005 and 2006,” added Berton Hamamoto, president of the Honolulu Board of REALTORS®. “Another interesting observation is the decrease in single family inventory over the last three months which is a complete turn around from 19 months of steady increases. We still feel positive about our vibrant real estate market in Honolulu.”

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 6,000 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.