Honolulu sales stats - June 2007

The Honolulu Board of Realtors just posted its sales statistics for June, 2007.  The results show that our housing market remains strong. 

After a tradtional lull at the beginning of the year from the holidays, homebuyers began making purchases again and Oahu's prices are on the rise.

Let's put it on paper (or computer screen).   

Note - the prices above are median, meaning half of the sales prices were higher and half were lower.  Many people consider median prices to be more accurate than average prices.  For example, if 99 home sales were for $600,000 and one home sale was for $10,000,000, the median would be $600,000 and the average would be much higher, due to that one unusual sale.

By the way, take another look at the sales volume.  Oahu's total resales for the first six months of 2007 totalled 4,880 (home and condo sales combined) according to the Honolulu Board of Realtors.  This figure does not include sales of newly constructed homes and condos.  We have new projects either completed or in process at this time, such as Trump Tower, Moana Pacific, 909 Kapiolani, Ocean Pointe, Ewa by Gentry, Sea Country etc.  They add to the total housing available, you can see that total sales on Oahu are about 1,000 units per month or 12,000 units per year.

Recently a customer from the east coast asked me about our sales and he was surprised at our low sales volume compared to where he lives.  Keep in mind that Hawaii's total population is only about 1.3 million people.  We have a limited amount of land that can be developed for housing, increasing demand and prices.

We call it the "price of paradise."  Yes it's expensive.  Are prices going to tumble?  It doesn't look like it.  Putting my money where my mouth is, I am in escrow to buy a house right now.

A customer of mine just closed on a property last week.  It's a very nice condo with an ocean view and  it takes 10 minutes to walk to the beach. He brought his wife to Hawaii this time and they asked me to show some condos at Diamond Head, right along the ocean.  They fell in love with the area and put in an offer for a two bedroom condo listed at $1.299 million.  For some, the price of paradise is worth it!

To view more statistics, please take a look at the links below or view them at our website.

• June 2007 statistics
• Oahu housing market historic prices

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