Hawaii Real Estate starts Here!

Oahu’s residential resales market remained relatively stable in July, according to Honolulu resale statistics. According to the analysis conducted by figures released today by the Honolulu Board of REALTORS the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

Single-Family Home Resales

                         Number of           This Month                 Median*             This Month

                         Sales                    Compared To             Sales Price         Compared To

July 2010           268                                                       $605,000

June 2010         293                                                        $580,000

July 2009          266                      up 0.8%                     $595,000            up 1.7%

Condominium Resales

                         Sales                    Compared To             Sales Price         Compared To

                         Number of            This Month                 Median*             This Month

July 2010          320                                                        $299,000

June 2010         404                                                        $300,000

July 2009          343                      down 6.7%                 $307,250             down 2.7%

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

During July, sales of 268 single-family homes and 320 condominiums were reported through the Board’s MLS, an increase of 0.8 percent and decrease of 6.7 percent, respectively, from July 2009. The median price paid for island properties in the July was $605,000 for single-family homes and $299,000 for condominiums, an increase of 1.7 percent for single-family homes and a decrease of 2.7 percent for Days on Market   indicator, sales also 

closed faster in July with single-family homes listing for 39 days, down from 45 days, and condominiums down to 36 days from 56.

“Oahu’s post-tax credit sales landscape is quieter, as are other markets, but we seem to be weathering better than our Mainland counterparts,” commented said Brian Benton, President of the Honolulu Board of REALTORS . “Unlike most cities, Honolulu saw its pending sales in July increase over a year ago.”

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.)

Nationally the S&P/Case-Shiller index shows that the market may be poised to recover within the next few months.  The index which looks at 20 different real estate markets around the country has shown a downward move ending in November.  But the index seems to trail the overall economy.  Looking at the economic data coming out since November may show that the 3-month moving average of the index is poised to improve very soon.  Case was quoted as saying in an interview, “I do believe the seeds of the recovery are being planted”.

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

During December, sales of 268 single-family homes and 333 condominiums were reported through the Board’s MLS, a decrease of 14.1 percent for single-family homes and a decrease of 6.5 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 2,974 for the year of 2011, a decrease of 2.7 percent over one year ago. Total condominium sales through December were 4,029, a 1.3 percent increase from last year. The median price paid for island properties in the year of 2011 was $605,000 for single-family homes and $285,000 for condominiums, an increase of 3.4 percent and a decrease of 6.5 percent, respectively, from December 2010. According to the Days on Market indicator, single-family home sales closed at a faster pace last month compared to December 2010 listing for 35 days, down from 38. Condominiums closed at a slower pace last month compared to December 2010 listing for 52 days, up from 43.
“Although home and condominium sales for December 2011 took a small dip compared to last year, we are seeing prices rise for single-family homes,” said Joe Paikai, newly-elected President of the Honolulu Board of REALTORS®. “We’ve also noticed that particular neighborhoods have made significant jumps in sales compared to last year. This is a good sign for Honolulu as a whole; we expect to see this rise in sales spread as the economy continues to recover.”