HOME PRICES ON OAHU REMAIN STEADY, SALES DECLINE

Median Home prices on Oahu remained steady in 2008 while sales declined.  During the month of December, 194 single family homes and 294 condominiums were sold compared to the same time a year before-that’s a decrease of 19% for homes and 31% for condos.  Home prices meantime remained steady with the median dropping 3% to $624,000 for the year, and condo prices remaining unchanged at $325,000.  The Honolulu Board of Realtors attributes the sales figures to the impact of the current economic crisis, which began in mid-September; but acknowledge the price resiliency compared to mainland locations.

(Posted by Wendy Osher:  Tuesday, January 06, 2009)