Honolulu sales of single-family homes were up in October according to resale figures released today by the Honolulu Board of REALTORS®. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the housing statistics are:
| October 2009 Residential Resales Statistics for OahuSingle Family Home Resales | |||||||||
| Number of Sales |
This Month Compared To |
Median* Sales Price |
This Month Compared To |
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| October 2009 | 281 | $ 605,000 | |||||||
| September 2009 | 244 | up 15.1% | $ 600,000 | up 0.83% | |||||
| October 2008 | 243 | up 15.6% | $ 625,000 | dn 3.2% | |||||
Condominium Resales |
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| Number of Sales |
This Month Compared To |
Median* Sales Price |
This Month Compared To |
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| October 2009 | 381 | $ 295,000 | |||||||
| September 2009 | 345 | up 10.4% | $ 305,000 | dn 3.2% | |||||
| October 2008 | 316 | up 20.5% | $ 325,000 | dn 9.2% | |||||
Click here to view October 2009 Resales Charts. |
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*Median price means half the prices were above and half below the given price.
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During October, sales of 281 single-family homes and 381 condominiums were reported through the Board’s MLS, increases of 15.6 and 20.5 percent, respectively, compared to the same month last year. This brings total single-family home sales on Oahu to $1.447 billion for the first ten months of 2009, a decrease of 23.9 percent over the same time period one year ago. Total condominium sales through September were $940.43 million, a 30.4 percent decrease from last year. The median prices paid for island properties in the first ten months of 2009 were $575,000 for single-family homes and $300,000 for condominiums, decreases respectively of 8.0 percent and 7.7 percent from the same time period in 2008. The year-to-date total dollar sales volume generated in the housing market through October was $2.388 billion, a decrease of 26.6 percent, or $867 million, compared to the $3.255 billion produced one year ago.
“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 overall 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 homebuyer federal tax credit has been helpful in raising buyer awareness.”
The public is encouraged to visit the Board’s Internet web site at www.HiCentral.com to see what’s happening in the housing market. The public has the ability to search through Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location, price range or both. HiCentral.com provides useful information about buying and selling real estate in Hawaii.
Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,600 boards of REALTORS® in the nation and, with over 5,500 members, the largest trade organization on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry pledged to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.HiCentral.com.
(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)
