June Housing Statistics for O`ahu
July 2nd, 2009 by Harvey ShapiroThe Honolulu Board of REALTORS® released resale figures today for the month of June. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:
Single-Family Homes - 254 Sales - $569,000
Condominiums - 293 Sales - $310,000
During June, sales of 254 single-family homes and 293 condominiums were reported through the Board's MLS, an increase of 9.5 percent for single-family homes and a 17.3 percent decrease for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 1,107 for the first six months of 2009, a decrease of 21.7 percent over the same time period one year ago. Total condominium sales through June were 1,380, a 36.1 percent decrease from last year. The median prices paid for island properties in the first six months of 2009 were $570,000 and $305,000, respectively, decreases of 9.4 percent for single-family homes from the same time period in 2008 and 7.6 percent for condominiums. The total dollar sales volume generated in the housing market for the first six months of this year was $1.227 billion, a decrease of 37.8 percent, or $744.8 million, compared to the $1.971 billion produced one year ago.
"Single-family home sales were up in June, compared to a year ago, and the median prices paid for both single-family homes and condominiums increased since than last month," said Sandra "Sam" Bangerter, President of the Honolulu Board of REALTORS®. "Another positive statistic was that the sales speed as the 'Days on Market' indicator was the fastest this year at 45 days for both housing categories. We don't want to seem overly optimistic, but it looks like we could be nearing the bottom of the current market slump."
"The available inventory continues to be quite low and this appears to be the reason for the small decreases in home prices for Honolulu, compared to the sizable declines for Mainland cities," added Harvey Shapiro, Research Economist at the Honolulu Board of REALTORS®. "Recently, the mortgage rates have been rising and the lack of financing options continue to stifle the market. However, the sales data show that there are buyers in the market who are willing to purchase properties that are appropriately priced."
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 5,500 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 HiCentral.com.

