Drum-roll please:

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.

Since 2008 is expected to have between 8,000-9,000 sales, we aren’t far off from the numbers for 2007.  Couple that with lower interest rates and it would look like a good time to consider your buying needs. Any thoughts?