During March, sales of 188 single-family homes and 248 condominiums were reported through the Board's MLS, decreases of 33.3 percent for single-family homes and 36.7 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 439 for the first three months of 2009, a decrease of 34.8 percent over the same time period one year ago. Total condominium sales through March were 567, a 45.3 percent decrease from last year. The median prices paid for island properties in the first three months of 2009 were $570,000 and $300,000, respectively, decreases of 8.1 percent for single-family homes from the same time period in 2008 and 9.1 percent for condominiums. The total dollar sales volume generated in the housing market for the first three months of this year was $502.5 million, a decrease of 48.4 percent, or $471.6 million, compared to the $974.1 million produced one year ago.
"The Oahu residential housing market bounced back in March, with sales rising substantially from the last two months," said Sandra "Sam" Bangerter, President of the Honolulu Board of REALTORS®. "Compared to last year, however, the market is still very weak and we expect these slower conditions to continue until there is better economic news in Hawaii."
"Even with the healthier March numbers, the housing market on Oahu is still contracting," added Harvey Shapiro, Research Economist at the Honolulu Board of REALTORS®. "Prices are still relatively strong, although there are median price declines in many neighborhoods, but nowhere near the percentage declines experienced on the Mainland. Buyers may perceive that we've hit the bottom of this market and may be returning from the sidelines, but the key factor will be financing availability to go along with the historically low mortgage rates."
ZIP Code: 96792 Approximate Location Boundaries: Leeward Coast
Location Characteristics: The more affordable side of Oahu; Nanakuli, Maili, Waianae, Makaha are rich with culture and fabulous shorelines.
