The Honolulu Board of REALTORS® released the May housing statistics this afternoon and they showed the continuing downward trend for sales on O`ahu. Dana Chandler, President the Board, said, “We continue to have a decline in buying demand for residential properties in the O`ahu housing market, but the median prices have been holding up remarkably well. The inventory of homes and condominiums available for sales has been rising and while this could lead to weaker prices, it hasn’t occurred yet. This continues to be a stable environment for both buyers and sellers.”

A total of 252 single-family homes and 382 condominiums were sold on the island during May. These sales compared to those of a year ago of 357 and 543, respectively, for decreases of around 30%. The annual residential sales rate is now just above 8,100 units, down from its peak of 13,000 in 2005, but still more than double the rate at the bottom of the market in the mid-90’s.

The median prices paid for the sold properties, however, was stable, as opposed to the large declines on the Mainland. Single-family dwellings sold for a median price of $649,500 in May, a decline of just $500, or 0.1%, from the price a year ago. Condominiums sold at a median price of $337,300, an increase of 3.8%, or $2,300, from the same time in 2007.

The speed of sales, measured by the Days on Market indicator, rose in May. Single-family homes required a median market time of 52 days, from listing date to contract date, and condos needed 41 days. Last year, this indicator stood at 42 and 38 days, respectively.

Inventory figures are inching up steadily, but not as rapidly as the decline in sales. In May, there were 2,043 single-family homes available for sale on the market, an increase of 13.2% from the same time last year. The condominium count was 2,717, a jump of 21.4% for the year. Median asking prices slipped a bit, to $725,000 and $349,900, respectively, for small decreases of 2.0 and 1.4% compared to May 2007.

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