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Number of Single-Family Home Resales - 255
Median Price for Single-Family Homes - $635,000

Number of Condominium Resales - 345
Median Price for Condominiums - $328,000

In August, the island of Oahu saw a decrease of 33.1 percent for single family homes and 30.3 percent for condominiums when compared to August of 2007.  The Honolulu Board of Realtors MLS figures report August sales of 255 single-family homes and 345 condominiums. This brings total single-family home sales on Oahu to 1,919 for the first eight months of 2008, a decrease of 26.8 percent over the same time period one year ago. Total condominium sales through August were 2,868, a 27.0 percent decrease from last year. The median prices paid for Oahu properties in the first eight months of 2008 were $629,000 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 eight months of this year was $2.67 billion, a decrease of 25.2 percent, or $903 million, compared to the $3.58 billion produced one year ago.

“The number of residential sales during August shows that the Oahu housing market continues to cool, but the median prices paid for island properties are being maintained,” said Dana Chandler, President of the Honolulu Board of REALTORS®. “Market time hovers in the rather speedy 40-day range, demonstrating that Oahu’s market continues to provide a stable environment for buyers and sellers.”

“Sales are not the only measure showing a contraction, but the number of new listings for properties coming onto the market is also shrinking,” added Harvey Shapiro, Research Economist at the Honolulu Board of REALTORS®. “This August, 514 single-family homes and 622 condominiums were added to the inventory, significant declines from the counts of 622 and 914, respectively, from August 2007. These conditions limit the inventory expansion, which probably accounts for prices holding steady at current levels.”

If you'd like information on how your specific neighborhood is performing, feel free to contact us at (808) 593-4444 Ext 102.

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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 91-110 Hanua St., Suite 208, Kapolei, HI  96707
Office Phone:  (808) 595-4399 Ext 102 ● Office Fax:  (808) 593-2090 ● Email:  susan@hihomes4u.com