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Thursday, April 7, 2011

Number crunching: March real estate stats


Courtesy of Susan Borochov, Coldwell Banker Pacific Properties

The Honolulu Board of Realtors released its residential sales numbers for March, showing fewer overall sales compared to last year despite fairly stable prices. Then again, there are slightly fewer homes for sale.

Some highlights from the monthly report include:

Single-family homes

  • In March 2011, there were 249 closed sales compared to 255 at the same time last year. Year to date, however, overall sales are up 3.8 percent.
  • Pending sales are up by 3.5 percent; however, inventory is down by 12 percent with 1401 homes available for sale in March compared to 1593 in March 2010.
  • Median price for single-family homes was $548,500, a decrease of 8.6 percent from last year.
  • Homes are staying on the market longer, listing at 41 days — up from 34 days.

Condos

  • There were 8.1 percent fewer closed sales for the month, with 331 units sold compared to 360 in March 2010.
  • The median price paid for condos was $315,000, a 1.6 percent increase over last year.
  • Condos are also staying on the market longer than last year. In March 2010, condos listed for 36 days; this year, they are listed for 46 days.

“The Oahu median prices for both single-family homes and condominiums are still constant, while the sales volume for the market has slowed,” said Joyce Nakamura, President of the Honolulu Board of Realtors “As evidenced in the increase of pending sales, there is a continued demand for residential properties, especially in the high-end market. The tightened inventory levels and low mortgage interest rates make it an opportune time for well-qualified buyers to purchase a home.”
 

Posted on Thursday, April 7, 2011 in Permalink

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About This Page

Honolulu Real Estate focuses on the Hawaii housing market, condos and homes for sale, Hawaii rentals and general news about real estate in Hawaii. It also includes stories on apartment living, home decor and profiles.
 


Melissa Chang graduated from the University of Hawaii with a degree in journalism and has been blogging since 2007, mostly on food and travel. She works primarily in social media, so you can find her online @Melissa808 on Twitter and Instagram.


 


Jaymes Song is a real estate agent at Prudential Advantage Realty in Kahala. Jaymes is in the top 7 percent of Prudential agents nationwide. Previously, Jaymes was at The Orange County Register, Honolulu Star-Bulletin and rose through the ranks to overseeing news and operations for AP in Hawaii and the Pacific Rim. Jaymes lives in the Portlock area and loves his real full-time job of being dad to two curious kids.


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