March 2011 Honolulu housing statistics

The Honolulu Board of REALTORS® released resale figures today for the month of March.

During March, sales of 249 single-family homes and 331 condominiums were reported through the
Board’s MLS, decreases of 2.4 percent and 8.1 percent, respectively, for single-family homes and
condominiums from March 2010. The median price paid for island properties in March was $548,500 for single-family homes and $315,000 for condominiums, a decrease of 8.6 percent for single-family homes and a 1.6 percent increase for condominiums, compared to the same month last year. 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 41days up from 34 and condominiums listing for 46 days up from 36.

“The Oahu median prices for both single-family homes and condominiums are still constant, while the sales volume for the market has slowed,” said Joyce Nakamura, President of the Honolulu Board of REALTORS®. “As evidenced in the increase of pending sales, there is a continued demand for residential properties, especially in the high-end market. The tightened inventory levels and low mortgage interest rates make it an opportune time for well-qualified buyers to purchase a home.”

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 5,600 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.)