Summer Heats Up Oahu’s Real Estate Market

The May Prudential Locations’ Oahu Real Estate Repor explains how seasonality affects market trends

HONOLULU (June 13, 2007) – The Prudential Locations’ Oahu Real Estate Report analyzes sales trends over a three-month period to provide consumers with the most accurate interpretation of current market activity. This month’s report shows that the Oahu real estate market is quickly heating up.  From March to May 2007  -- compared to the previous three-month period from December 2006 to February 2007 -- the median price for single-family homes jumped 6.4 percent to $650,000, with condominiums seeing a 3.2 percent median price boost to $325,000.  Following this trend in prices, real estate sales also gained momentum.  Single-family homes sales rose by 14.6 percent and condominium sales increased an impressive 26.8 percent.  

“Traditionally, summer is the peak seasons for home sales.  It is a time when consumers feel most comfortable making the commitment to purchase a home.” said Scott Higashi, Prudential Locations’ Executive Vice President of Sales. “The busy holiday months and tax season are over and the kids are out of school – making transitioning into a new home much easier.”

The report explains how seasonality affects the buying and selling power of consumers.  Since summer is typically a busy time of year for real estate, it is a good time for sellers to seriously consider putting their property on the market as it is likely that they will be able to negotiate a strong selling price.  This is also an opportune time for buyers to shop for a new home as there will be more inventory on the market – increasing the chance that they will find their dream house.

When analyzing the market’s seasonality, this month’s report interprets data over a 28-year period.  The report illustrates that compared to the year as a whole, more home sales occur during the late spring and summer months of May, June, July and August – enjoying up to a 15 percent increase in the number of sales.

Prudential Locations has the largest real estate research database on the Oahu market, and is the only source for detailed and concise information on not only the 15 areas identified in the report,

but for more than 200 specific neighborhoods. The research is available to consumers through Prudential Locations agents or the website, www.prudentiallocations.com.

In each month’s Prudential Locations report, consumers will find key statistics for 15 Oahu areas

such as sales volume and median price over a three-month comparison along with key insider observations.

Prudential Locations’ Oahu Real Estate Report is issued during the second week of each month.

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NOTE TO MEDIA: Prudential Locations executives are available to comment on the report and on real estate market trends in general. Please call Char Chang, 531-6087, ext. 4, to set up an interview.

About Prudential Locations
Prudential Locations LLC is a multi-faceted real estate company with a rich kama’aina tradition in the islands of Hawaii that boasts over three decades of extensive local experience and connections to offer its clients. To benefit customers, the Prudential Locations website, www.PrudentialLocations.com, shows every home, land, condo and real estate listing on Oahu, Maui, Big Island, Kauai, Molokai, and Lanai , with detailed property information to assist its clients.

By being a leader in Real Estate market research and knowledge and continually training more than 250 real estate agents, Prudential Locations produced more than $1 billion in sales in 2005. Prudential Locations was established in 1969 with offices and affiliates throughout the state, and is an independently owned and operated member of the Prudential Real Estate Affiliates, Inc.