Hawaii Real Estate Market Trends

The median price for single-family, re-sale homes on Oahu rose 4.8% from February to $628,000 last month. Year-over-year, the median price was off 2.4%.

Home sales on Oahu gained 73% from February, but were down 14.5% year-over-year.

The median price for condos dipped 1.7% from February to $329,300. Year-over-year, the median price was up 2.6%.

Condo sales gained 22.1% from February, but were off 27.5% compared to March 2007.

To view the annual report, click here.

The median price for homes on Maui dipped 0.7%, a year-over-year loss of 0.8%. The median price for condos fell 6.3% from February, a year-over-year increase of 14.7%. Prices are much more volatile on Maui because there are far fewer sales compared to Oahu.

Maui home sales rose 25% from the month before, but were down 27.5% year-over-year. Condo sales dropped 3.2%, down 3.2% compared to last March.

We have a complete set of charts that include prices and unit sales for single-family homes and condos. The charts show the month-to-month change along with 3-month moving average charts, to reduce month-to-month fluctuations yet retain seasonal variations, and 12-month moving average charts to remove seasonal variations and return the long-term trends.

The charts for Oahu and Maui are on separate pages.

For the details, and our seven-year graphs, see our trend charts.

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FROM THE HONOLULU BOARD OF REALTORS

(Honolulu—April 1, 2008) During March, sales of 282 single-family homes and 392 condominiums were reported through the Board’s MLS, decreases of 14.5 percent for single-family homes and 27.5 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 673 for the first three months of 2008, a decrease of 22.2 percent over the same time period one year ago. Total condominium sales through February were 1,037, a 23.8 percent decrease from last year.

The median prices paid for Oahu properties were $628,000 and $329,300, respectively, a decrease of 2.4 percent for single-family homes from the March 2007 price and an increase of 2.6 percent for condominiums. The total dollar sales volume generated in the housing market for the first three months of the year was $974.1 million, a decrease of 18.0 percent or $213.1 million, compared to the $1.187 billion produced one year ago.

“The Oahu median prices for both single-family homes and condominiums are still constant, while the sales volume for the market has slowed,” said Dana Chandler, President of the Honolulu Board of REALTORS®. “Even with the instability in the finance industry, the market for Oahu residential properties appears to be holding, unlike the very negative conditions we hear about on the Mainland.”

“There is a continued demand for residential properties, especially in the high-end, which could be an outgrowth of the weaker U.S. dollar and other local factors, such as our low unemployment and pleasant climate,” added Harvey Shapiro, Research Economist at the Honolulu Board of REALTORS®. “The limited availability of land and housing on Oahu should prevent any significant downturn in prices.”

Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,600 boards of REALTORS® in the nation and, with over 6,000 members, the largest trade organization on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry pledged to adhere to a strict Code of Ethics and Standards of Practice.

(This report reflects information about re-sales 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 two months.)

Home Sales & Prices Up in March

FROM THE HONOLULU BOARD OF REALTORS