New Honolulu Board Of Realtors President Notes Robust Sales In December

According to a statistical report recently released by the Honolulu Board of Realtors, single family home resales on Oahu in 2009 totaled 2,585, a decrease of 5.7 percent from 2,741 in 2008.

Condominium resales on Oahu for 2009 totaled 3,467, an 11.8 percent decrease from last year’s 3,933. The median sales prices of $575,000 for single family homes and $302,000 for condominiums were down 7.9 percent and 7.1 percent from $624,000 and $325,000, respectively, in 2008.

However, December’s 265 Oahu single family home resales represent a notable increase of 36.6 percent over December 2008 with 194. An impressive gain of 43.9 percent was experienced in condominium resales with 349 in December 2009 compared to 243 for the same period last year.

“Home and condominium sales for December 2009 were incredibly robust as compared to last year,” said 2010 Honolulu Board of Realtors President Brian Benton, Prudential Locations Broker-In-Charge. “Well-qualified buyers are finding reasonably priced properties and the federal tax credits coupled with low interest rates have encouraged many of those who were ‘on the fence’ to purchase a new home.”

The year-to-date total dollar sales volume generated in the housing market through December was $2.968 billion, a decrease of 19.3 percent or $712 million, compared to the $3.68 billion produced one year ago.

This report reflects information about resales of existing properties only and does not include new home sales. In compiling its monthly and year-end reports, the Honolulu Board of Realtors utilizes data gathered from the Multiple Listing Service.