June Oahu Real Estate Report

By
Real Estate Agent with Coldwell Banker Pacific Properties

During June, sales of 338 single-family homes and 547 condominiums were reported through the Board's MLS, decreases of 8.2 percent for single-family homes and 14.7 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 1,902 for the first six months of 2007, a decrease of 5.7 percent over the same time period one year ago. Total condominium sales were 2,978, a 15.3 percent decrease from last year. The year-to-date median prices paid for Oahu properties in the first six months this year were $645,000 and $325,000, respectively, increases of 2.4 percent and 5.7 percent over the 2006 prices of $630,000 and $307,500. The total dollar sales volume generated in the housing market for the first six months of the year was $2.642 billion, a decrease of 5.9 percent, or $167 million, compared to the $2.809 billion produced one year ago.

There is a 8.2 decrease in Single Family Homes Sales Volume from last year; and, a 14.7% decrease in Condominium Sales Volume in June 2007 compared to the same month last year.

"The Oahu housing market achieved new records in June with the median price paid for a single-family home at $685,000, exceeding the previous record of $668,300 in May 2006, and condominium prices at $334,000, surpassing the prior peak of $329,000 set last July," said Berton Hamamoto, President of the Honolulu Board of REALTORS®. "Although the number of sales has diminished from their peak in 2005, the market is still very active and maintaining a healthy equilibrium with adequate supply and strong demand."
"Oahu residential markets have been pushing the price envelope in recent years, including this June," added Harvey Shapiro, Research Economist at the Board of REALTORS®. "Of the seventeen single-family home neighborhoods tracked for research purposes by the Board, sales of over $1 million occurred in ten or more of them every month since last year. Last month, there were even three neighborhoods registering sales of more than $3.8 million. These high-end sales confirm the opinion held by many REALTORS® that there continues to be substantial demand for our properties and that prices most likely will not be adjusting downward anytime soon, if at all."

*Source: The Honolulu Board of REALTORS®

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Brad Andersohn
Zillow - Nat'l Outreach Mgr & Dir. of Zillow Academy - Fairfield, CA
ActiveBrad 707.646.1876

Aloha Elizabeth, I see this is your first post on Active Rain.  Congratulations!!  I just wanted to welcome you to our Real Estate Industry Network! 

Welcome aboard, I hope you'll continue to blog, and invite others.  Wishing you all the success this industry has to offer.

Enjoy!!

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Good Luck to you and your business!

Aug 07, 2007 02:48 AM #1
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Elizabeth "Biz" Kellam
Coldwell Banker Pacific Properties - Honolulu, HI
RA

Thank you very much Brad, I appreciate the information.

Aloha from Hawaii,

Biz

 

P.S. Cleo looks a lot like my Ipo!

Aug 07, 2007 05:12 PM #2
Anonymous
maria
Thinking about moving to Oahu, or Maui...which Island can you get more house for your money? And secondly, which Island has more opportunity to do business in?
Nov 02, 2007 12:17 AM #3
Rainer
91,588
Elizabeth "Biz" Kellam
Coldwell Banker Pacific Properties - Honolulu, HI
RA

Hi Maria,

Maui is more resort and Oahu is more urban , so it depends on what lifestyle you are looking for. I started out in Real Estate in 1990 on Maui, but moved over here because I like Honolulu. You can find better pricing on Honolulu for comparable propeerties because we have such a huge inventory now.

Aloha and  email me if you need more info,

Biz 

 

Dec 17, 2007 06:28 PM #4
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Elizabeth "Biz" Kellam

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