Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
1Activity
0 of .
Results for:
No results containing your search query
P. 1
Honolulu Fourth Quarter 2008 Real Estate Report

Honolulu Fourth Quarter 2008 Real Estate Report

Ratings: (0)|Views: 10|Likes:
Published by Biz Kellam
The 4th Quarter Honolulu Hawaii Housing Stats for 2008
The 4th Quarter Honolulu Hawaii Housing Stats for 2008

More info:

Categories:Types, Business/Law
Published by: Biz Kellam on Mar 07, 2009
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

06/16/2009

pdf

text

original

 
1,500
-l+--------tIIr...-c..-aHI-II-tIHl-il-tll-tl-lI-tI-lIHI-III-t1I----;II-----{
1,250
-H-------I11-1
I-ll-illl
1,000
-H---lI-1I1-wr::-II-t.I....,
OAHU
HOUSING
FP.t
TRENDS
HiCentral
f*:l
THE
HONOLULU
BOARD
OF
REALTORS®
MLS!..J.aJ
Volume
18,
Number
4
OVERALL MARKET CONDITIONS
Sales were very weak, but median pricesheld up in the residential housing marketon
O'ahu
in the fourth quarter. Therewere sales
of
only 607 single-familyhomes and 760 condominium unitsthrough the
Board's
MUltiple ListingService computer, well behind the figures
of
the market peak
in
the third quarter
of2005
which had unit sales
of
I,324and 2,286, respectively. This quarter'ssales were lower for single-familyhomes by 19.1 % and 34.2% for condominiums compared to the same quarterlast year.The fourth quarter median sales pricespaid for a single-family property showeda decline from the same
q ~ a r t e r
 
a yearago at $610,000, a manini loss
of
2.4%.Since last quarter, the median hasdropped only 0.8% from $615,000. Thecondominium median price came in at$315,600, a decrease
of
just
1.4% fromlast year.When the number
of
sales are multipliedby the average sales prices, the total dollar sales volume is computed. The totaldollar volume generated by
O'ahu
residential sales fell to $722 million in thefourth quarter
of
2008, and this was a29.7% decline from the same quatter ayear ago.
It
was the fourth consecutivetime that dollar volume fell below the
$1
billion mark since the market peak andrecord for quarterly dollar volume wasachieved three years ago, in the thirdquarter
of
2005, at $1.810 billion andthis
$1
billion milestone was firstachieved in the third quarter
of
2003.Another important statistic
is
the Dayson Market indicator which measures thetime a listing is on the market before asales agreement is reached and excludesescrow time. In the fourth quarter, bothsingle-family homes and condominiumsrequired a median market time
of
57
Fourth Quarter, 2008
QUARTERLY UNIT SALES VOLUME
Units
2,500..,.,.----=..:..::..:.=...----------------------,
2,250-J.!--------------,,-----1II----------j
2,000-l+-----------=----fl-u
.------lI-lI----------{
1,750
750
500
250-
0
000
ooooooooooooooaooooooooooooooo
~ ~ W ~ ~ N W ~ ~ N W ~ ~ ~ W ~ ~ N W ~ ~ N W ~ ~ N W ~ ~ N W ~ ~ N W ~
 
NNNNNNNNN
aaa
0 0
aaaa
000
a
0
aaaa
a
~
 
NW
~ ~
 
m
~
 
rn
QUARTERLY :MEDIAN SALES PRICES
700-cr-_"'--T'--'h-'-'0""u""s""a!..!nd""s=-
--..
600-H----------------t.-.
300200100
o
o o o o o o o o o o o o o o o o o o o o ~ o o o o o o o o ~ o o o o o o
 
~ N W ~ ~ N W ~ ~ N W ~ ~ N W ~ ~ N W ~ ~ N W ~ ~ N W ~ ~ N W ~ ~ N W ~
 
N
ao
a
N
aa
~
 
N N N
a a
0
a
0
a
N W
~
 
N N N
a a aa
0
a
~
 
m
~
 
N
aa
ro
Single-Family Condominium
days, with both indicators higher than atAfter declining to new lows for availthe same time a year ago. Comparingability
of
less than 1,000 units
in
2004these statistics
to
last quarter shows thatand 2005, the number
of
listings inthe market continues to cool and salescreased rapidly during 2006, but thisspeeds again have gotten slower than thetrend stalled in 2007, resumed in 2008,sales times
of
51
and 47 days, respectively, in the third quarter.
(Continued
on
Page
7)
500-H---------------=l·
400-H-----------;
 
FOURTH QUARTER 2008
OAHU HOUSING
TRENDS
-
Page
2
PRICE RANGE CHARTS
The
Honolulu
Board
ofREALToRs®
SINGLE-FAMILY
HOMES
CONDOMINIUMS
300
-
399200
-
299
11
Less than
200
5 0.8%
More
than
100079
13.0%
700
-
999
120
19.8%
1.8%
487.9%500
-
699243 40.0%400
-
499
Sales
by
Price Range
300
-
499
291
250
-
299
127
16.7%
38.3%150
-199
70 9.2%
Inventory
by
Price Range
500
-
699250
-
299_
606 29.2%359
13.5%
More
than 500126
16.6%
Less than 10016 2.1%
100-149
31
4.1%200
-
249289
10.9%
262
12.6%
300
-
399700
-
999
145
7.0%43520.9%
150 -199
303
11.4%
200
-
29954
2.6%100
-149
Less than
200110
4.1°/;10 0.5%
More
than
1000567 27.3%300
-
49983231.4%
All price ranges shown above are thousands
of
dollars ($000)
ABOUT
THE HONOLULU
BOARD
OF REALTORS®The Voice for Real
Estate™
on
Oahu, the Honolulu Board ofREALTORS®
is
one
of
the largest
of
1,600 boards
of
REALTORS®
in
the nation and
is
thelargest trade organization
on
Oahu. REALTOR® membership, whichnumbers approximately 6,000,
is
available
to
licensed real estate brokers andagents who agree
to
adhere
to
a strict Code
of
Ethics
as
a condition
of
membership. Affiliate membership
is
available
to
non-licensees.REALTOR® membership
in
the Honolulu Board ofREALTORS® offers avariety
of
benefits and services. These include the privilege
of
using theterm REALTOR® and REALTOR-ASSOCIATE@, educational courses andseminars, access
to
the Multiple Listing Service (MLS) computerizedon-line information system, real estate forms, books and products at specialmember rates and informative, award-winning publications from the stateand national REALTOR@ organizations.
OAHU
HOUSING TRENDS
is a
quarterly publication
of
the
Honolulu Board
of
REAL
TORS®.
The
annualsubscription rate
is
$26.00
for
members and
is
included
in
the
membership
dues.
Non-member
subscriptions are
$52.00;
singleissues are
$15.00.
For
subscription information,callthe
Honolulu Board
of
REALTORS
s@
at
808-732-3000.
Multiple
copies
of
OAHU HOUSING TRENDS
canbepurchased,
if
ordered
in
advance.
©
2009, Honolulu Board
of
REALTORS@ Copy permission
is
freely granted but full attribution
of
source
is
required on all copiesand reprints. Publish the following disclaimer
if
you arepara-phrasing any
of
tile text from this report: "Use
of
this data doesnot imply any endorsement
of
my interpretation
by
the HonoluluBoard ofREALTORS@"
Visit the
HER
web
site
at:
http://www.hicentral.com
 
FOURTH QUARTER
2008
MARKET CHANGES
OAHU HOUSING
TRENDS -
Page
3
The Honolulu Board
of
REALTORS
if!)
CHANGE
IN
NUMBER
OF
SALES
2008:04 vs 2007:04
<-
FewerSales
More Sales
.->
Metro
Oahu
Diamond HeadHawaii
lui
Railua
KaneoheNorth
Shore
Central
Oahu
Leeward Coast
EwaPlain
MakaldloWaipahu
[
~ : ± : t ~ : : t ~ ~ ~ ~ 1
earl
City
L
-60
-55
-50
-45
.40
·35
-30
-25
-20
-15
-10 -5
Percent
Single-Family Home
Condominium.
Almost all neighborhoods on
O'ahu
had sales Josses
in
thefourth quarter, except for Diamond Head single-familyhomes and Hawaii Kai condominiums, which expanded by5.0% and 4.9%, respectively. Overall
O'ahu
resales were607 and 760, for single-family dwellings and condominiums, down 19.1% and 34.2%, respectively, compared tothe same quarter one year ago. When compared
to
the results
of
the third quarter, sales declined by 15.8% and25.1 %, respectively.Besides the two areas mentioned above, the areas with theleast sales losses for single-family homes
in
the
fOUlth
quarter included Ewa Plain, down 4.1 %,and Kailua, down5.2%.Condominium sales slid the least in North Shore, with nochange, and Leeward Coast,
off
5.6%.The inventory
of
available listings declined a bit duringthe fourth quarter, down 0.6% for single-family homesand 2.4% condominium units since last qUaJter. Lookingat the changes since last year, however, the inventory hasincreased for single-family homes
by
7.6% and 10.0%for condominiums. Median asking prices for single-family homes have declined since last year, by
7.1
%,
to
$696,300, and the condominium asking price was
off
0.6%, to $340,700. List prices have declined by 2.4%and 1.6%, respectively, since last quarter.There was shrinkage
of
available dwellings
in
only fiveneighborhoods. Both property types had declines
in
Makakilo, down 24.2% and 14.5%, respectively, andsingle-family homes
in
Ewa
Plain, down
8.1
%, andMetro
O'ahu,
off4.2%, and Leeward Coast, down 0.5%.For condominiums, the number
of
for-sale units declined only in Makakilo, with all other areas having anexpanded count in the fourth quarter.
CHANGE
IN
ACTIVE
INVENTORY
2008:04
vs 2007:04
More L1sllngs
••
>
ALL
OAHU
Metro OahuDiantond
Head
Hawaii
I{ai
Kailua
n:aneohe
NorthShore
Central Oahu
Leeward Coast
EwaPlain
Malta,Idlo
Waipahu
Pearl
City
<-
Fewer
Ustlngs
-
,.
I
~ .
 
I
_I
I : ~
 
-
-
~
 
II
.-
I
-25 -20
-15
-10
-5
0 5 10
1520
25
30
35404550
SS
606510
.
Percent
Single-Family l10me
III
Condominium
CHANGE
IN
MEDIAN
SALES
PRICE
2008:04vs
2007:04
<
••
Price
Lower
ALL
OAHU
Metro
OahuDiamond
HeadHawaii
Rai
KailuaKaneoheNorth
Shore
Central Oahu
Leeward Coast
EwaPlainMakakilo
Waipahu
Pearl
City
3.2"A
' - - - ' - _ - ' - - - - ' _ - ' - _ . l . . - - - ' - _ ~ _ _ _ _ _ '
 
___'__
_
_ ' _ _ _ _ _ _ _ ' ! ! ! ! ! ! ! ! ! ~ _ _ _ '
 
-22 -20
-18 -16 -14
·12
-10
-8
-6 -4
-2
Percent
Single-Family
Home
Condominium
The median sales prices paid for residential properties on
0'
ahu slipped from those
of
the same quarter a year ago. Inthe fourth quarter, the median price for a single-familyhome was $610,000,
off
2.4% from the same quarter lastyear. The median price paid for a condominium was$315,600, which was a decrease
of
1.4% since one yearago. In the third quarter, prices stood at $615,000 and$322,000, respectively.Price were up sharply in the North Shore neigborhood forsingle-family homes, up 63.2%, but only on 8 sales. For therest
of
the single-family housing market segment, the onlygains were in the Diamond Head area, up 3.0%, and PearlCity, up 1.4%. In the condominium category, the other areas with positive price expansions were Kailua, up 3.6%,Metro
O'abu,
up 2.5%, and Pearl City, up 2.1%.

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->