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The median 2006 price for a single-family home in Oahu real estate set a new record, $650,000, while the price for condominiums dipped slightly to $312,000 in March, according to re-sales figures released today by the Honolulu Board of REALTORS®.

During March 2006, sales of 392 single-family homes and 696 condominiums were reported through the Board's MLS, single-digit increases in unit sales volume of 4.0 percent and 2.8 percent, respectively, compared to the same month last year. On a year-to-date basis, the median prices in Oahu real estate for the first three months of 2006 were $625,000 and $309,000, respectively, increases of 18.1 percent and 34.9 percent over the same time period in 2005. Total dollar sales volume for the three months ending in March was $1.340 billion, an increase of 14.2 percent, or $167 million, compared to the $1.173 billion generated in the housing market during the same month one year ago.

"Sales in March exceeded the unit sales volume in March 2005," said Mary K. Flood, President of the Honolulu Board of REALTORS®. "And, the median sales price for single-family homes continues to increase, establishing another record for Oahu [real estate] at $650,000. The condominium median price declined slightly this month, but it is still near the record level achieved in February of $315,000."

Harvey Shapiro, Research Economist at the Board of REALTORS®, said, "Even with the higher number of Oahu [real estate] residential sales in March, total sales for the first quarter showed a small decline from last year. This reduced demand, along with the renewed availability of housing, means that the market is moving forward on its path toward stabilization."

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© 2005 Susan D. Bowman, Realtor - Hawaii Discount Realty
Hawaii Discount Realty is a real estate broker licensed in Hawaii and located at 1259 So. Beretania St., Suite 20, Honolulu, HI  96814
Office Phone:  (808) 595-4399 Ext 102 ● Office Fax:  (808) 593-2090 ● Email:  susan@hihomes4u.com