Talk about a seller's market. More than $5 billion worth of O'ahu homes have sold through October — the first time so much money has changed hands in the market in a single year.

The milestone compares with $2 billion just five years ago, and a little less than $4.8 billion in all of last year.

"Every year it's been busier and busier since 1997," said Helen On, an agent with Dower Realty Inc. since 1991. "I'm going on vacation this month. I'm very tired."

Record high prices are largely responsible for the eye-popping 2005 sales total.

October was no exception. Condominiums sold for a record median price of $290,000, according to the Honolulu Board of Realtors. The median price for single-family homes was $620,000, just shy of the record $625,000 set in August.

The number of sales this year through October is only slightly higher than last year. But the overall dollar volume has created a boon for sellers, brokers, appraisers, lenders and others tied to a real-estate industry that has shown little sign of tiring.

On said she noticed a slowdown in October sales, perhaps because more buyers are hesitating in reaction to high prices and climbing interest rates.

"I think prices are too high," she said. "Some buyers are waiting."

The October median for condos was $3,000 more than the previous record of $287,000 set in September.

The number of condos sold last month (624) and single-family homes (412) were about 6 percent below the number sold in October 2004, the board said.

O'ahu single-family home sales totaled 3,936 for the first 10 months of the year, a 0.7 percent increase from the same period a year ago. Total condo sales were 6,831, a 4.1 percent increase from last year, the board said.

The trade organization said the year-to-date dollar volume generated in the housing market was $5.051 billion, an increase of $1.13 billion, or 28.9 percent, compared to the same time last year.

"Last year, for the entire year, the total dollar volume of sales was only $4.76 billion and we've got two months left in 2005," said Mary Flood, president of the Honolulu Board of Realtors.

Harvey Shapiro, research economist for the board, said he's waiting to see what effects, if any, fuel prices and other cost increases that reduce a buyer's disposable income will have on the housing market.

"The total number of sales continues to be ahead of last year, even with the slowdown that we've had this month," he said.

Gary McCarty, a former retail business owner and business consultant who began selling homes a year ago with Coldwell Banker Pacific Properties, said news of hurricanes and a spike in gas prices may have caused some psychological reactions discouraging home purchases. But he believes market fundamentals — strong local job and income growth, record tourism, aging baby boomers investing in real estate — point to continued gains in Hawai'i's housing market.

"The business is still strong," he said. "Even if gas costs you $10 more a week, and that's exaggerated, is $40 a month going to stop someone from making a home purchase? I don't think so."

McCarty said he held an open house yesterday for other brokers to see two units in a Waikiki condo he's trying to sell, and 14 people showed up, including a couple of tourists.

"They were serious buyers," he said. "Business is just hot."

Reach Andrew Gomes at agomes@honoluluadvertiser.com.