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2005 Real Estate Facts; Thomas Jefferson and a Crystal Ball

January 1, 2006

Stephanie Gieseler

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It's a great time to review the statistics for real estate sales as of the beginning of December 2005. It's been another astounding year by almost any measure - sales prices, number of homes sold, and time on the market. Here is a 2005 summary for the 5 major Oahu districts. Note that these numbers reflect the first eleven months of the year, and cover resale properties entered into the Multiple Listing Service (MLS).

Some clear trends have been identified by Harvey Shapiro, the research economist for the Honolulu Board of Realtors, and are worth noting:

The number of homes on the market still limited, but is starting to rise
The cost to finance a home is rising but still historically low
Houses and condos are still selling faster than last year but starting to slow down
Many homes are selling over asking price - 26.5% of single family homes and almost 30% of condos
Prices are continuing to rise

His expert predictions are that sales in 2006 will decline from 2005 records, but prices will continue to rise another 10%, and possibly more. Your job is to decide how to apply this information to your own real estate buying and selling decisions. Considering what is at stake, you might want to consult with the best real estate professional you can find. To quote our founding father Thomas Jefferson, "The possession of facts is knowledge, the use of them is wisdom". Have a wonderful and wise 2006!

Overall O`ahu

Overall O`ahu - Single Family Homes
Median Price November 2005	Median Price November 2004	% Change
$590,000	$459,000	+28.5%
2005 YTD* Sales	2004 YTD* Sales	% Change
4,301	4,285	+0.04%

Overall O`ahu - Condominium Homes
Median Price November 2005	Median Price November 2004	% Change
$260,000	$217,500	+19.5%
2005 YTD Sales	2004 YTD Sales	% Change
7,445	7,187	+3.6%

Urban Honolulu District

Urban Honolulu - Single Family Homes
Median Price November 2005	Median Price November 2004	% Change
$660,000	$530,000	+24.5%
2005 YTD Sales	2004 YTD Sales	% Change
457	436	+4.8%

Urban Honolulu - Condominium Homes
Median Price November 2005	Median Price November 2004	% Change
$260,000	$217,500	+19.5%
2005 YTD Sales	2004 YTD Sales	% Change
3,401	3,148	+8.0%

Urban Honolulu - Rental Ranges
Condo Lower Range	Condo Higher Range
$1,000/month	$1,950/month
Single Family Lower Range	Single Family Higher Range
$1,800/month	$3,100/month

East O`ahu District

East Honolulu - Single Family Homes
Median Price November 2005	Median Price November 2004	% Change
$888,000	$700,000	+26.9%
2005 YTD Sales	2004 YTD Sales	% Change
813	805	+1.0%

East Honolulu - Condominium Homes
Median Price November 2005	Median Price November 2004	% Change
$480,000	$389,000	+23.4%
2005 YTD Sales	2004 YTD Sales	% Change
505	479	+5.4%

East Honolulu - Rental Ranges
Condo Lower Range	Condo Higher Range
$1,600/month	$3,200/month
Single Family Lower Range	Single Family Higher Range
$2,400/month	$4,200/month

Windward O`ahu District

Windward O`ahu - Single Family Homes
Median Price November 2005	Median Price November 2004	% Change
$730,000	$578,000	+26.3%
2005 YTD Sales	2004 YTD Sales	% Change
653	731	-10.7%

Windward O`ahu - Condominium Homes
Median Price November 2005	Median Price November 2004	% Change
$350,000	$265,000	+32.1%
2005 YTD Sales	2004 YTD Sales	% Change
419	506	-17.2%

Windward O`ahu - Rental Ranges
Condo Lower Range	Condo Higher Range
$1,100/month	$2,100/month
Single Family Lower Range	Single Family Higher Range
$1,900/month	$3,500/month

North Shore District

North Shore - Single Family Homes
Median Price November 2005	Median Price November 2004	% Change
$850,000	$535,000	+58.9%
2005 YTD Sales	2004 YTD Sales	% Change
145	139	+4.3%

North Shore - Condominium Homes
Median Price November 2005	Median Price November 2004	% Change
$384,000	$282,400	+36.0%
2005 YTD Sales	2004 YTD Sales	% Change
124	81	+53.1%

North Shore - Rental Ranges
Condo Lower Range	Condo Higher Range
$1,000/month	$1,600/month
Single Family Lower Range	Single Family Higher Range
$1,600/month	$2,800/month

Leeward O`ahu District

Leeward O`ahu - Single Family Homes
Median Price November 2005	Median Price November 2004	% Change
$495,000	$385,000	+28.6%
2005 YTD Sales	2004 YTD Sales	% Change
2,199	2,122	+3.6%

Leeward O`ahu - Condominium Homes
Median Price November 2005	Median Price November 2004	% Change
$239,000	$180,000	+32.8%
2005 YTD Sales	2004 YTD Sales	% Change
2,704	2,683	+0.8%

Leeward O`ahu - Rental Ranges
Condo Lower Range	Condo Higher Range
$1,150/month	$2,200/month
Single Family Lower Range	Single Family Higher Range
$1,650/month	$3,700/month

* YTD = Year-to-date

Sale Price Data: Source: Honolulu Board of REALTORS®. Information obtained from source(s) believed to be reliable, but not guaranteed.

Rental Data: Source: The Honolulu Advertiser. For estimate purposes only. Condo lower range example - 1 bd/1 bath unfurnished; higher range - 2 bd/2 bath. Single Family home lower range - 2 bd/2 bath unfurnished; higher range - 3 or 4 bd/2 bath.

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2005 Real Estate Facts; Thomas Jefferson and a Crystal Ball

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