The current rate of sales for both single-family homes and condominiums were both slightly up in October, which is truly encouraging in light of the current economy," said Sandra "Sam" Bangerter, president of the Honolulu Board of Realtors. "The median prices for single-family homes were up a bit and down for condominiums, but still within relatively stable price ranges. The first-time homebuyers federal tax credit has been helpful in raising buyer awareness."
There were 281 sales of single-family homes during October, or almost 16 percent more than a year earlier. It was the highest volume since March 2008, or 19 months.
- The median price of single-family homes was $605,000. Although that was down from last October's median of $625,000, it marked a high point for this year. The median is the point where half of the prices are below and half are above.
- There were 381 sales of condominiums, the most since May 2008, or 17 months.
- The median condominium price was $295,000. That compared with the year earlier median of $325,000.
Kapahulu/Diamond Head, Kahala and Hawaii Kai posted their highest single-family home sales of the year.
In October, months of remaining inventory for single-family homes fell to 4.6 from the prior year's 9.8, according to the HBR. Likewise, remaining condominium inventory fell to 4.8 months from the year-ago 8.7 months, HBR said.
The Board publishes very extensive statistics for every community on Oahu. Contact me for your free copy.
Barbara Abe, Realtor