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Wednesday, December 8, 2010

Number Crunching: Oahu’s November Real Estate Stats

November is traditionally a pretty quiet month for home resales, so last month’s unimpressive numbers come as little surprise. Overall, the numbers for single-family home resales stayed the course while condo sales fell flat. According to the Honolulu Board of Realtors, 245 single-family homes and 303 condominiums sold last month, representing decreases of 5 percent and nearly 25 percent, respectively, from Nov. 2009. Meanwhile, the median sales prices for single-family homes decreased less than one percent to $585,000, while condos saw a 1.4 percent uptick to $315,000.

Here are some additional highlights from the Honolulu Board of Realtors’ monthly update:

• Single-family homes spent 4.5 percent fewer days on the market last month compared to Nov. 2009. Condos, on the other hand, lingered on the market for 45 days, a 45 percent increase over Nov. 2009.

• The percent of original list price received, which is the average percentage found when dividing a property’s sales price by the original list price, continues to be a point of strength. Last month, single-family homes received 96 percent of their original list price, a more than 2 percent increase from Nov. 2009, while condos received just over 95 percent of the original list price, a less-than-one-percent increase from Nov. 2009.

• Inventory continues to decline. There were 7.5 percent fewer single-family homes and 4 percent fewer condos on the market last month compared to Nov. 2009.

• A bright spot is the pending sales indicator, a count of the properties that have offers accepted on them, which shows that there were 278 pending single-family home sales in November, a nearly 23 percent increase from Nov. 2009. Additionally, there were 326 pending condo sales last month, a 5.5 percent increase. More sales would make for a merrier December, so here’s hoping for a stronger month!
 

Posted on Wednesday, December 8, 2010 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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