The Honolulu Board of Realtors has just published the “Oahu Housing Trends” providing statistics for the residential housing market during the second quarter of 2008 (Volume 18, Number 2).

Here are some of the highlights for the Hawaii Kai region:

The number of condominium sales decreased by 37%. The median sales price increased to $557,500, with average days on the market (DOM) at 27 days, the lowest for any condominium area on Oahu. The DOM indicator measures the time a listing is on the market before a sales agreement is reached and does not include the escrow time.

The number of sales of single family homes dropped by 41%. The median sales price decreased to $870,000, with a DOM indicator of 50 days.

The Quarterly Absorption Rates (QAR) were at 32.5% for single family homes and 49.1% for condominiums in Hawaii Kai. The QAR is calculated by dividing the number of number of properties sold by the number of active listings in a particular quarter.

NB. Use of this data does not imply any endorsement of my interpretation by the Honolulu Board of Realtors