July Honolulu resale statistics show housing stability

Oahu’s residential resales market remained relatively stable in July, according to Honolulu resale statistics. According to the analysis conducted by figures released today by the Honolulu Board of REALTORS the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

 

Single-Family Home Resales

 

                         Number of           This Month                 Median*             This Month

 

                         Sales                    Compared To             Sales Price         Compared To

July 2010           268                                                       $605,000

June 2010         293                                                        $580,000

July 2009          266                      up 0.8%                     $595,000            up 1.7%

 

 

Condominium Resales

 

                         Sales                    Compared To             Sales Price         Compared To

                         Number of            This Month                 Median*             This Month

 

 

July 2010          320                                                        $299,000

June 2010         404                                                        $300,000

July 2009          343                      down 6.7%                 $307,250             down 2.7%

 

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

 

During July, sales of 268 single-family homes and 320 condominiums were reported through the Board’s MLS, an increase of 0.8 percent and decrease of 6.7 percent, respectively, from July 2009. The median price paid for island properties in the July was $605,000 for single-family homes and $299,000 for condominiums, an increase of 1.7 percent for single-family homes and a decrease of 2.7 percent for Days on Market   indicator, sales also 

closed faster in July with single-family homes listing for 39 days, down from 45 days, and condominiums down to 36 days from 56.

 

“Oahu’s post-tax credit sales landscape is quieter, as are other markets, but we seem to be weathering better than our Mainland counterparts,” commented said Brian Benton, President of the Honolulu Board of REALTORS . “Unlike most cities, Honolulu saw its pending sales in July increase over a year ago.”

 

 

 

 

The public is encouraged to visit the Board’s Internet web site at www.HiCentral.com to see what’s happening in the housing market. The public has the ability to search through Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location, price range or both.

HiCentral.com provides useful information about buying and selling real estate in Hawaii. Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,600 boards of REALTORS® in the nation and, with over 5,800 members, the largest trade organization on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry pledged to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.HiCentral.com.

(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)