Honolulu real estate market maintain stable pace

HONOLULU - Unlike similar U.S. Mainland markets, Oahu's residential real estate remains on a stable course according to resale figures released today by the Honolulu Board of REALTORS® for the month of October.

During October, sales of 265 single-family homes and 423 condominiums were reported through the Board's MLS, decreases of 10.5 percent for single-family homes and 0.5 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 3,142 for the first ten months of 2007, a decrease of 7.6 percent over the same time period one year ago. Total condominium sales through October were 4,767, a 13.3 percent decrease from last year. The year-to-date median prices paid for Oahu properties in the first ten months this year were $649,000 and $325,000, respectively, increases of 2.2 percent and 4.8 percent over the 2006 prices of $635,000 and $310,000. The total dollar sales volume generated in the housing market for the first ten months of the year was $4.329 billion, a decrease of 7.0 percent, or $325 million, compared to the $4.654 billion produced one year ago.

"The statistics are showing us that Oahu is not following the softening in Mainland markets, proving the National Association of Realtors position that real estate is driven locally," said Berton Hamamoto, President of the Honolulu Board of REALTORS®. "Inventory is up in some areas which should help buyers with a wider range of choices. Sales in October were similar to last year and we're looking for a continuation of this pattern in the upcoming holiday season and into 2008."

"Stability has been the keyword in the market for residential properties on Oahu," commented Harvey Shapiro, Research Economist at the Board of REALTORS®. "In October, both the number of sales and the median prices stayed within a narrow range and market speeds actually increased since the same month last year. Single-family homes required 41 days to sell, down from 49 one year ago, and condominium sales happened in just 37 days, well below last year's 49 days. And, with the quarter-percent drop in the federal funds rate made by the Federal Reserve this week, mortgage rates will remain at levels that will continue to fuel our market."

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