Hawaii Real Estate starts Here!

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

During October, sales of 223 single-family homes and 321 condominiums were reported through the
Board’s MLS, a decrease of 9 percent and an increase of 0.6 percent, respectively, for single-family
homes and condominiums from October 2010. The median price paid for island properties in October was $579,000 for single-family homes and $305,000 for condominiums, a decrease of 2.3 percent for single family homes and a 1.7 percent increase for condominiums compared to the same month last year.
According to the Days on Market indicator, sales of single-family homes and condominiums closed at a
slower pace last month compared to a year ago, with homes listing for 45 days and condominiums listing for 38 days. “October’s numbers reflect a movement toward stability in the market. We saw an increase in the number of sales and median sales prices of condominiums as well as increases in pending sales for both single family homes and condominiums,” said Joyce Nakamura, President of the Honolulu Board of REALTORS®. “It is also encouraging to see that there isn’t excess of inventory in the market, and properties are selling steadily.”

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 5,300 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.

The drop in the median sales price for Hawaii, down in March 8.6% year over year, has been slowly building speed.  One of the price points that is doing the worst is the $650,000 to $1.1 mil range.  This range is down roughly 7% year over year in the month of March.  The lack of financing availability plus rising mortgage rates seems to putting the breaks on people buying properties.  Also, it seems that is some neighborhoods, such as Kailua, that sellers have been a bit too aggressive with pricing.

We still have hope for a market turnaround this summer as families try to get settled before the school year starts in the fall, but we need to keep rates lower and more support needs to be given to the mortgage market.  To learn more about the Hawaii real estate market or to find your piece of paradise contact Malia L. Meenderman, R, our principal broker.

Residential real estate in Honolulu is still in demand according to resale figures released today showing median sales prices continue to rise. According to the analysis conducted by the Honolulu Board of REALTORS® , using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

Single family home resales

Number of Sales          This Month           Median* Sales Price       This Month
Compared To                                              Compared To

August 2010             224                                           $ 645,239

July 2010                         269                                                        $604,500

August 2009                    239                 down 6.3%                      $560,000                up 15.2%

Condominium Resales

Number of Sales             This Month        Median* Sales Price        This Month
Compared To                                           Compared To

August 2010                 289                                          $307,500

July 2010                              327                                                      $300,000

August 2009                        348                       down 17.0%             $290,000                    up 6.0%

*Median price means half the prices were above and half below the given price.
During  August,  sales  of 224 single-family  homes  and  289  condominiums  were  reported  through the Board’s MLS, decreases of 6.3 and 17.0 percent, respectively, from August 2009. The median price paid for   island   properties   in   the   August   was   $645,239   for   single-family   homes   and   $307,500   for condominiums, increases of 15.2 percent for single-family homes and 6.0 percent for condos, compared to the same month last year. According to the Days on Market indicator, sales also closed faster in August with  single-family homes listing for 32 days, down from 49 days, and condominiums down to 33 days from 53.

“We anticipated the slowdown in sales with the end of the federal tax credit, but the increases in median prices are a sign that the Honolulu market continues to strengthen,” said Brian Benton, President of the Honolulu Board of REALTORS®. “While U.S. Mainland markets are experiencing modest rises in pending home sales, Oahu saw an increase of 45 percent for single-family homes and 10 percent for condominiums.”

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  5,800  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.)