Oahu real estate statistics January 2011 – Honolulu

Oahu real estate statistics for the month of January 2011. According to the analysis conducted by the Honolulu real estate board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

*Median price means half the prices were above and half below the given price.

During January, sales of 199 single-family homes and 265 condominiums were reported through the Board’s MLS, increases of 11.2 percent and 9.5 percent, respectively, for single-family homes and condominiums from January 2010. The median price paid for island properties in January was $570,000 for single-family homes and $291,000 for condominiums, decreases of 4.2 percent and 2.7 percent, respectively, compared to the same month last year. According to the Days on Market indicator, sales for single-family homes closed at a brisker pace last month compared to a year ago with properties listing for 38 days down from 43; condominiums closed at a slower pace listing for 49 days, up from 36.

“Oahu’s real estate market got off to a strong start this year and we’re very encouraged by January’s numbers,” said Brian Benton, immediate past president of the Honolulu Board of REALTORS®. “We’re seeing a shift to more single-family home sales over condominiums, which is a good indicator of retuning consumer confidence. Single-family home purchases are typically made by local residents looking to move up in the real estate market rather than by investors. Moreover, demand for both housing categories continues to be high and inventory levels remain stable, so prices are competitive.”