Number Crunching: October Real Estate Stats for Honolulu


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The October real estate numbers for Honolulu from the Honolulu Board of Realtors were just released yesterday, and the news is, well, shruggable. Here are a few notable points:

• For the month of October, closed sales of single-family homes were down nearly 17 percent compared to Oct. 2009; condos were down about 21 percent. The decreases could be attributed to the fact that, at this time last year, the First-Time Homebuyer Tax Credit was in full swing. However, the year-to-date numbers were a little stronger: Thus far this year, both single-family home and condo sales have increased about 16 percent over the same period in 2009.

• There wasn’t a lot of fluctuation in the median sales price category. This past month, the median price of single-family homes was $595,750, down about one percent compared to Oct. 2009, while the median sales price of condos, $300,000, remained the same.

• The decrease in the number of days on market—the median number of days between when a property is first listed and when it is pending sale—continues to be an indicator of faster turnover. Last month, single-family homes were on the market for 35 days, nearly 33 percent fewer days than Oct. 2009. Condos lingered on the market for 34 days last month, a 37-percent decrease from Oct. 2009.

Inventory continues to decline. There were 11 percent fewer single-family homes on the market last month compared to Oct. 2009; there were 5 percent fewer condos listed for sale compared to October of last year.
 

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