MARKET REPORTINTEGRITY - HONESTY - EXCELLENCE

Average Sales Price Per Transaction for the Top 7 Brokers in Sales Volume for 2007

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	View 2007 "Market Review for Choi International" by Honolulu Board of Realtors' Research Economist, Harvey Sharpiro

As part of Choi's commitment to excellence, our Market Report ensures that each client has access to the most up-to-date real estate market information for their specific needs. Buyers and sellers can obtain current information and statistics that allow them to stay apprised of market developments, alert them to dynamic trends, and ultimately enable them to make practical, informed decisions on their investments.

Click here to view the latest Honolulu Board of Realtors' MONTHLY STATISTICAL REPORT which analyzes residential resale activity on the island of Oahu.

STATISTICS FOR SINGLE FAMILY RESIDENCES - HONOLULU, HAWAII
Month to Month Comparison between 2008 & 2007 - According to the May 1, 2008 News Release from the Honolulu Board of Realtors, the Median Sales Price for the month of April 2008 was 9,000 or -3.9% compared to 5,000 in April 2007. Sales velocity was down 25.1% compared to April 2007.

First 4-month Comparison between 2008 & 2007 - For the first 4 months of 2008, the median sales price was “5,000 . . . a decrease of 0.8 percent for single-family homes from the same time period one year ago.”

“Median prices are holding pretty firm in the current Oahu housing market . . . [according to the] President of the Honolulu Board of Realtors. This contrasts with the significant losses of home values in Mainland cities tied mostly to the continuing credit crunch. We continue to be fortunate that the Oahu real estate market is still a stable environment for both buyers and sellers.” 

According to the Research Economist for the Board of Realtors, “April’s data shows that there is enough demand, albeit lower than last year, to maintain our residential price levels.” 

Area Neighborhoods – HBR Monthly Statistical Report for April 2008 (released May 1, 2008) - Each month the Honolulu Board of Realtors issues a statistical report analyzing residential real estate activity on the island of Oahu.  Click here to view the report.  In addition to the general islandwide statistics, following is information for select individual neighborhoods:

KAHALA – See page 6 for Waialae-Kahala – The number of sales has gone down by 56.3% and it appears the sales prices have gone down by 33.1% in comparison to the same month in 2007. The median sales for the first four months of the year, however, show only a 1.7% drop compared to the first four months of 2007.

DIAMOND HEAD – See page 6 for Kapahulu-Diamond Head – The neighborhood is not well defined by the Board, since it includes both moderately priced neighborhoods and high priced neighborhoods. The number of sales has decreased by -34.6%, but the median price has increased by 15.8% compared to the same month in 2007. For the year to date, the sales have decreased by 25%, but the median price increased by 1.6%. [Please note that the median price might be skewed by the higher sales or listings in the Diamond Head area.]

PORTLOCK – See page 6 for Hawaii Kai – Portlock is included in the Hawaii Kai statistics and is a mixture of the moderately priced Hawaii Kai neighborhood and the higher priced Portlock properties, which may result in inflated statistics. The number of sales is down 57.9%, but the median prices are up 15.8% comparing April 08 with April 07. For the year to date, the sales are down 20.6% and the median price is up 9.4%.

Specific Neighborhoods – The best way to view a specific neighborhood is to have your agent prepare and review a Comparative Market Analysis with you. Market knowledge begins with a qualified and knowledgeable agent.
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