Oahu Housing market sales volume surpasses

November 2nd, 2005 by surfer

November 2, 2005

Oahu: Housing market sales volume surpasses $5 billion for the first time

According to resale figures released by the Honolulu Board of Realtors®, the total year-to-date dollar volume generated in the housing market has now surpassed $5 billion for the first time. It is now $5.051 billion, an increase of $1.132 billion, or 28.9 percent, compared to the same time last year.

According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

Single Family Home Resales

Number of

Sales

This Month

Compared To

Median *

Sales Price

This Month

Compared To
October, 2005

412

$ 620,000
September, 2005

$ 615,000

up 0.8%
October, 2004

441

dn 6.6%

$ 485,000

up 27.5%

Condominium Resales

Number of

Sales

This Month

Compared To

Median *

Sales Price

This Month

Compared To
October, 2005

624

$ 290,000
September, 2005

$ 287,000

up 1.0%
October, 2004

665

dn 6.2%

$ 218,000

up 33.0%

Click here to view October 2005 Resales Charts.

*Median price means half the prices were above and half below the given price.

During October, sales of 412 single family homes and 624 condominiums were reported through the Board’s MLS, decreases in unit sales volume of 6.6 percent and 6.2 percent, respectively, compared to October of last year. This brings total single-family homes sales on Oahu to 3,936 for the first 10 months of 2005, an increase of 0.7 percent over the same time period a year ago. Total condominium sales were 6,831, a 4.1 percent increase from last year. The year-to-date median prices paid for Oahu properties in the first 10 months of 2005 were $582,800 and $260,000, respectively, increases of 28.7 percent and 26.8 percent over the 2004 prices of $453,000 and $205,000.

“The Oahu housing market achieved a new sales volume milestone in October by passing the $5 billion mark for the first time ever,” said Mary Flood, President of the Honolulu Board of REALTORS®. “Last year, for the entire year, the total dollar volume of sales was only $4.76 billion and we’ve got two months left in 2005!”