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Released: Wednesday, October 1, 2008
HONOLULU - Today, the Honolulu Board of REALTORS® released resale figures for the month of September. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:
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September 2008 Residential Resales Statistics for Oahu
Single Family Home Resales |
|
Number of
Sales |
This Month
Compared To |
|
Median*
Sales Price |
This Month
Compared To |
| September 2008 |
215 |
|
|
$ 590,000 |
|
| August 2008 |
|
|
|
$ 635,000 |
dn 7.1% |
| September 2007 |
255 |
dn 15.7% |
|
$ 650,000 |
dn 9.2% |
Condominium Resales |
|
Number of
Sales |
This Month
Compared To |
|
Median*
Sales Price |
This Month
Compared To |
| September 2008 |
305 |
|
|
$296,000 |
|
| August 2008 |
|
|
|
$328,000 |
dn 9.0% |
| September 2007 |
414 |
dn 26.3% |
|
$335,000 |
dn 11.6% |
|
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*Median price means half the prices were above and half below the given price. |
During September sales of 215 single-family homes and 305 condominiums were reported through the Board’s MLS, decreases of 15.7 percent for single family homes and 26.3 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 2,134 for the first nine months of 2008, a decrease of 25.8 percent over the same time period one year ago. Total condominium sales through September were 3,173, a 27.0 percent decrease from last year. The median prices paid for Oahu properties in the first nine months of 2008 were $625,000 and $325,000, respectively, a decrease of 3.5 percent for single-family homes from the same time period in 2007 and no change in price for condominiums. The total dollar sales volume generated in the housing market for the first nine months of this year was $2.959 billion, a decrease of 25.1 percent, or $994 million, compared to the $3.953 billion produced one year ago.
“Oahu’s housing market is beginning to feel the effects of the changing economic market, as demonstrated by the decline in both residential sales volume and the median prices paid in September,” said Dana Chandler, President of the Honolulu Board of REALTORS®. “We hope that this period of weak market conditions is short-lived and that we’ll soon return to a more normal market. The National Association of REALTORS® is strongly supporting the proposed bailout of our financial system so that borrowing can be restored and we can get the housing market moving forward again.”
“It appears that the Oahu housing market is reacting to the economic crisis that has been affecting financial markets worldwide,” added Harvey Shapiro, Research Economist at the Honolulu Board of REALTORS®. “Financing a real estate purchase is just as difficult in Honolulu as it is for the rest of the nation, with tighter qualifications and larger down payments.”
The Honolulu Board of REALTORS® also released resale figures for the third quarter of 2008. According to the analysis conducted by the Board, using data collected from its MLS system, the statistics are:
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2008 Third Quarter Residential Resales Statistics for Oahu
Single Family Home Resales |
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Number of
Sales |
This Quarter
Compared To |
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Median*
Sales Price |
This Quarter
Compared To |
| 3rd Quarter 2008 |
721 |
|
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$615,000 |
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| 2nd Quarter 2008 |
|
|
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$636,000 |
dn 3.3% |
| 3rd Quarter 2007 |
975 |
dn 26.1% |
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$649,900 |
dn 5.4% |
Condominium Resales |
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Number of
Sales |
This Quarter
Compared To |
|
Median*
Sales Price |
This Quarter
Compared To |
| 3rd Quarter 2008 |
1,015 |
|
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$322,000 |
|
| 2nd Quarter 2008 |
|
|
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$330,000 |
dn 2.4% |
| 3rd Quarter 2007 |
1,366 |
dn 25.7% |
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$330,000 |
dn 2.4% |
*Median price means half the prices were above and half below the given price. |
During the third quarter, the number of sales declined from one year ago and the median price paid for a single-family home decreased by 5.4 percent and the condominium price decreased by 2.4 percent. The total dollar volume of sales was $987.3 million in the third quarter, a decrease of $323.2 million, or 24.7 percent, from the $1.310.5 billion in sales achieved in the same quarter last year.
The Median Prices shown in the chart below are the prices paid for existing residential properties reported sold through our Multiple Listing Service (MLS) system during the stated time period. The columns labeled Change indicate the direction of price change from the prior time period (NC is no change). The following table provides the quarterly median prices for the Oahu neighborhood groups.
| GEOGRAPHIC AREA |
SINGLE FAMILY HOMES |
Change |
CONDOMINIUMS |
Change |
| Entire Island |
$ 615,000 |
 |
$ 322,000 |
|
| |
| Metro Oahu (Town) |
$ 729,000 |
 |
$ 312,900 |
|
| Diamond Head |
$ 1,125,000 |
|
$ 419,200 |
|
| Hawaii Kai |
$ 777,000 |
|
$ 525,500 |
|
| Kailua |
$ 766,500 |
|
$ 411,500 |
|
| Kaneohe |
$ 640,000 |
|
$ 422,500 |
|
| North Shore |
$ 827,500 |
|
$ 392,000 |
|
| Central Oahu |
$ 576,000 |
|
$ 295,000 |
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| Leeward Coast |
$ 361,000 |
|
$ 148,000 |
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| Ewa Plain |
$ 451,000 |
|
$ 327,500 |
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| Makakilo |
$ 567,000 |
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$ 324,500 |
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| Waipahu |
$ 529,000 |
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$ 290,000 |
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| Pearl City |
$ 614,000 |
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$ 301,400 |
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Median Sales Price means the midpoint of sales prices, where half of the sales were at prices above the given amount and half were below.
** INFORMATION COURTESY OF THE HONOLULU BOARD OF REALTORS. **
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