The final numbers are in for 2007. There were 3,627 single family home sales on O`ahu that were recorded during the year and 5,499 condominiums. These figures are decreases from 2006 by 10.2% and 13.8%, respectively. Overall sales in 2007 were 9,126, a slippage of 12.4% from the 10,421 sales recorded in 2006. Sales reached their peak in 2005 at 12,607 units.

Median prices on O`ahu continued to rise. The median price paid for a single family home in 2007 was $643,500. This was a 2.1% increase from 2006 when the median price was $630,000. The 2007 condominium price was $325,000, an increase of 4.8% since 2006. By the way, median means the middle-priced sale or the point at which there are as many sales below as above.

Total dollar volume for all of the 2007 sales was $4,977 million which was a drop of 8.9% from the 2006 total.

Will we set another price record in 2008? Probably not. My prediction is that median prices could change by plus-or-minus 5% this year, but given the slowdown in sales and the added unknowns involved with financing, I'm more inclined toward the negative. But, I believe that Honolulu will fare better than many Mainland markets.

For further information about how your specific neighborhood performed, check out the Honolulu Board of REALTORS® website www.hicentral.com or contact a REALTOR® in your area.