During the fourth quarter, the number of Honolulu home sales declined from one year ago and the median price paid for a single family home decreased by 2.4% while the condominium price decreased by 1.1%. The total dollar volume of sales was $727.7 million in the fourth quarter, a decrease of $299.0 million, or 29.7%, from the $1,026.7 million in sales achieved in the same quarter last year.
The Honolulu Board of REALTORS® released the following annual resale figures for 2008. The Board analyzed data collected from the Multiple Listing Service (MLS) and provided the following statistics:
Single Family Home Resales
| Number of Sales | This Year Compared to | Median* Sales Price | This Year Compared to | |
| 2008 | 2741 | $624,000 | ||
| 2007 | 3627 | dn 26.1% | $643,500 | dn 3.0% |
Condominium Resales
| Number of Sales | This Year Compared to | Median* Sales Price | This Year Compared to | |
| 2008 | 3933 | $325,000 | ||
| 2007 | 5499 | dn 28.5% | $325,000 | NC |
*Median Sales Price means the midpoint of sales prices, where half of the sales were at prices above the given amount and half were below. Click Oahu Map to view the geographical references used above.
During 2008, the number of sales declined from one year ago and the median price paid for a single family home decreased by 3.0 percent and the median condominium price was unchanged from 2007. The following table provides the annual 2008 median prices for the Oahu neighborhood groups.
| Geographic Area | Single Family | Change | Condos | Change |
| Metro Oahu | $722,500 | up | $320,000 | NC |
| Diamond Head | $936,000 | dn | $437,500 | dn |
| Hawaii Kai | $850,000 | dn | $539,000 | dn |
| Kailua | $774,500 | dn | $415,000 | dn |
| Kaneohe | $663,800 | dn | $400,000 | up |
| North Shore | $797,500 | up | $360,500 | up |
| Central Oahu | $580,000 | dn | $307,500 | up |
| Leeward Coast | $380,000 | NC | $154,000 | dn |
| Ewa Plain | $465,000 | dn | $299,000 | up |
| Makakilo | $560,000 | dn | $299,000 | dn |
| Waipahu | $550,000 | dn | $280,000 | dn |
| Pearl City | $627,300 | up | $302,900 | up |
Contact Michael Zimmerman if you have questions about Honolulu real estate. Please visit my web site to conduct your own Honolulu home search or request special reports for home buyers or sellers.
This information is provided as a courtesy only, is not a warranty and should be independently investigated by buyers. This information is deemed reliable, but NOT guaranteed.
