Coldwell Banker Pacific Properties is planning to reduce current asking prices on home listings starting Friday as part of a first-ever, nationwide event designed to stimulate the real estate market.

Nearly 100 homes, which represent about 15 percent of Coldwell Banker Pacific Properties' listings on Oahu, will be reduced from 5 to 20 percent from Friday to Oct. 19.

The move is part of an initiative to jumpstart the local and national real estate market.

Oahu's home sales slumped last month, according to statistics from the Honolulu Board of Realtors, even as median prices dropped to $590,000, its lowest point in 31/2 years.

“;We felt this was perfect timing,”; said Chason Ishii, president of Coldwell Banker Pacific Properties. “;It's our hope that the Coldwell Banker 10 Day Sales Event will move buyers off the sidelines and into the market.”;

Ishii said due to higher inventory, historic low interest rates and declining list prices, this is a great time to buy a home on Oahu. First-time homebuyers also have the added incentive of a $7,500 tax credit due to recent legislation.

Oahu homes participating cover a broad range of neighborhoods and property types.

For instance, a two-story Wilhelmina Rise home, previously listed at $1.1 million, will participate in the event at a price of $990,000. A 4-bedroom Makakilo home, previously listed at $635,000, will participate in the event at a price of $604,000.

In total, the estimated list price reductions will amount to more than $4 million, Coldwell Banker estimates.

During the local sales event, participating agents will also collect donations for the Institute for Human Services, a nonprofit that runs homeless shelters and programs.

In a recent survey of 3,379 Coldwell Banker real estate professionals across the nation, 56 percent said listing prices in their market remain above where they need to be to attract qualified buyers.

The survey also found: 77 percent agreed the majority of sellers in their market still have unrealistic expectations regarding the initial listing price for their homes; 79 percent agreed appropriately priced homes in their market are attracting more buyers and moving more quickly; 76 percent feel that a 10 percent or less reduction in listing prices in their area is all it will take to help push these homes over the “;tipping point”; to a sale.

A list of participating properties will be available beginning Friday at www.coldwellbankerpacific.com.