Number crunching: May 2011
The Honolulu Board of Realtors distributed their monthly sales statistics for May 2011 today, which indicate that home sales and home prices have decreased compared to the same time last year.
The report from the board's Multiple Listing Service (MLS) shows that:
- In May 2011, 243 single-family homes were sold, a 15.3 percent decrease compared to 287 homes sold in May 2010.
- The median price paid for Oahu properties during the month of May was $595,000, a decrease of 0.8 percent from the same time last year.
- The number of condominium sales also decreased by 10.3 percent, with 330 units sold in May 2011 compared to 368 in May 2010.
- The median price for condominiums dropped in May 2011 to $290,000, compared to $305,000 in 2010. This is a 4.9 percent decline.
- According to the Days on Market indicator, sales closed at a slower pace last month compared to a year ago with single-family homes listing for 31 days up from 27 and condominiums listing for 36 days up from 28.
"While median prices in comparable Mainland markets have dropped significantly, Honolulu's prices have been holding up relatively well," says Joyce Nakamura, president of the Honolulu Board of Realtors. While sales may have slowed a bit, Nakamura notes that "pending sales for both single-family home and condominiums are significantly up from last year, which demonstrates the continued demand for Island properties."
To see the full report, visit the Honolulu Board of Realtors' site at Hicentral.com.