The Honolulu Board of REALTORS® is accepting nominations for the 11th Annual Aloha `Aina REALTOR® Awards Program thru Friday, September 26, 2008. Sponsored by the Honolulu Board of REALTORS®, First Hawaiian Bank, and The Honolulu Advertiser, the People’s Choice Award provides the opportunity for the general public to recognize their favorite real estate professional.

The People’s Choice Award is presented to 10 REALTORS® who are known for their exceptional service and follow-up with their clients. These acclaimed nominees are also known for their record of fair dealings with clients while maintaining the highest ethical standards.

“Our members are working with clients everyday to help them become homeowners, so we encourage the public to help commend their favorite real estate agent for fostering excellence in the industry and recognizing the accomplishments and productivity of REALTORS® in Hawaii by nominating them for the Aloha `Aina REALTOR® Awards Program,” said Rochelle Lee Gregson, Chief Executive Officer of the Honolulu Board of REALTORS®.

For the last decade this awards program has recognized dozens of REALTOR® members who are true superstars.  This year’s finalists will join an elite group who epitomize the meaning of a REALTOR®, demonstrating their high ethical standards, extraordinary professionalism, and dedication to their clients and the communities in which they live and work.

The Aloha ‘Aina REALTOR® Awards Program has become the Oscars of the real estate industry in Hawaii. Please make sure to submit your nomination for your favorite REALTOR® before it’s too late. To download nomination forms, visit the Honolulu Board of REALTORS® website at www.HiCentral.com/AlohaAina. For questions or more information, call (808) 732-3000 or email: Aloha_Aina@hicentral.com.

The US Federal Reserve decided not to make any changes in interest rates at its meeting today. It announced that it was keeping its federal funds rate at 2.0 percent.

“Although downside risks to growth remain, the upside risks to inflation are also of significant concern to the committee,” the Fed said.

This decision means that the prime lending rate will stay at 5.0% and there should be little, if any, changes in fixed and adjustable mortgage rates.

The Honolulu Board of REALTORS® released resale figures today for the month of July. During July, sales of 251 single-family homes and 365 condominiums were reported through the Board’s MLS, decreases of 26.0 percent for single family homes and 20.1 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 1,664 for the first seven months of 2008, a decrease of 25.7 percent over the same time period one year ago. Total condominium sales through July were 2,523, a 26.6 percent decrease from last year. The median prices paid for Oahu properties in the first seven months of 2008 were $627,000 and $330,000, respectively, a decrease of 2.8 percent for single-family homes from the same time period in 2007 and an increase of 1.5 percent for condominiums. The total dollar sales volume generated in the housing market for the first seven months of this year was $2.325 billion, a decrease of 24.4 percent, or $750 million, compared to the $3.075 billion produced one year ago.

“July sales figures show an increase in the Days on Market indicator which measures the time a property is on the market before a sales agreement is reached,” said Dana Chandler, President of the Honolulu Board of REALTORS®. “Single-family homes needed 52 days to sell and condominiums took 42 days, both increases from last year’s 44 and 38 days. Buyers maybe more cautious with the current state of the economy, but so far our markets still seem to be operating normally, and Honolulu continues to provide a stable environment for both buyers and sellers.”

“The number of resales in the Oahu housing market may be starting to stabilize at these reduced levels,” added Harvey Shapiro, Research Economist at the Board of REALTORS®. “The rate of decline has softened a bit and this could signal that we’re nearing the bottom of this slower market, but we need to see a few more months of data to confirm this. Our prices are still staying near current levels, although these softer market conditions may require more seller concessions to make a deal.”

For further information about how your specific neighborhood performed, check out the Honolulu Board of REALTORS® website HiCentral.com or contact a REALTOR® in your area.

The Mililani neighborhood was developed by Castle & Cooke and is located in the central O`ahu region. It is geographically defined by the Honolulu Board of REALTORS® for research purposes as Tax Map Key (TMK) Zone 9, Section 5 and part of Section 4.

As with the rest of O`ahu, sales faltered in Mililani during 2008. For the first six months of this year, there have been 165 sales reported, compared to 261 for the same time period last year.  This is a decrease of 36.8% in sales, which is above the islandwide loss in sales of 27.5%.

Median prices in this area, however, have advanced. The year-to-date median through June was $321,000 and this compares to the median price of $315,000 during the same time period in 2007. This is an increase of $6,000 or 1.9%. In the month of June, the median price was $365,000, an increase of 22.9% over the same month one year ago.

Asking prices have been very stable in Mililani with the median list price at $300,000 both for this June and last June. The number of available properties, however, has increased since last year by 22.6%, going from 93 actively being marketed to the current 114.

For further information about how your specific neighborhood performed, check out the Honolulu Board of REALTORS® website HiCentral.com or contact a REALTOR® in your area.

Sales and prices for single-family homes in the Kailua-Waimanalo neighborhood have been declining recently. For research purposes, the Honolulu Board of REALTORS® defines this geographic area as Tax Map Key Zone 4, Sections 1 through 3 and part of Section 4.

The number of sales that have occurred in 2008, compared to 2007, has decreased somewhat faster than for the rest of the island. In the first half of the year, 119 properties changed hands while in 2007, for the same time period, there were 170 sales.  This 30.0% drop compares to the overall sales decrease for O`ahu of 25.7%.

Prices have likewise weakened. The median price paid for a single-family property in this area during the first six months in 2007 was $835,000, but the median has slipped 4.3% this year, to $799,000.

The availability of residences in Kailua has expanded significantly since last year. This June there were 175 single-family homes for sale, compared to just 133 last June.  This is an increase of 31.6% which is more than double the islandwide inventory expansion rate. The median list price for a home in this area has dropped 4.8% from last year’s $1,049,000 to an asked median of $999,000 this June.

For further information about Kailua and Waimanalo residences or how your specific neighborhood performed, check out the Honolulu Board of REALTORS® website www.HiCentral.com or contact a REALTOR® in your area.