January 2008 residential resales statisctics

February 4, 2008

JANUARY 2008 RESIDENTIAL RESALES STATISTICS

 

The Honolulu Board of REALTORS® released resale figures today for January 2008. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

January 2008 Residential Resales Statistics for Oahu Single Family Home Resales
	Number of Sales	This Month Compared To		Median* Sales Price	This Month Compared To
January, 2008	228			$ 600,000
December, 2007				$ 610,000	dn 0.2%
January, 2007	263	dn 13.3%		$ 600,000	No Change
Condominium Resales
	Number of Sales	This Month Compared To		Median* Sales Price	This Month Compared To
January, 2008	324			$324,000
December, 2007				$320,000	up 1.3%
January, 2007	418	dn 22.5%		$320,000	up 1.3%
Click here to view January 2008 Resales Charts.
*Median price means half the prices were above and half below the given price.

During January, sales of 228 single-family homes and 324 condominiums were reported through the Board’s MLS, decreases of 13.3 percent for single family homes and 22.5 percent for condominiums, compared to the same month last year. The median prices paid for Oahu properties were $600,000 and $324,000, respectively, an increase of 1.3 percent for condominiums and no change for single-family homes from the January 2007 prices of $600,000 and $320,000. The total dollar sales volume generated in the housing market for January was $345.5 million, a decrease of 6.3 percent, or $23.4 million, compared to the $368.9 million produced one year ago.

“We continue to be fortunate that sales prices on Oahu are being maintained at 2007 levels,” said Dana Chandler, newly elected President of the Honolulu Board of REALTORS®. “The first couple months of each year are historically slow in the housing market, but there are many buying opportunities for Oahu properties as demand has dwindled and sharp buyers and sellers should be able to negotiate mutually beneficial sales agreements.”

“The local economy appears to be poised for a slowdown, but the weaker dollar could attract new demand from overseas purchasers,” added Harvey Shapiro, Research Economist at the Board of REALTORS®. “Look for both adjustable and fixed mortgage rates to continue downward, making financing for those who can qualify much less costly.”

(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.)