Honolulu February 2010 housing market statistics

Oahu’s residential real estate market continues to enjoy strong sales during February, according to resale figures released today by the Honolulu Board of REALTORS®. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

February 2010 Residential Resales Statistics for OahuSingle Family Home Resales
Number of
Sales
This Month
Compared To
Median*
Sales Price
This Month
Compared To
February 2010 157 $ 570,000
January 2010 162 down 3.1% $ 597,500 down 4.6%
February 2009 129 up 21.7% $ 550,000 up 3.6%

Condominium Resales
Number of
Sales
This Month
Compared To
Median*
Sales Price
This Month
Compared To
February 2010 231 $ 298,000
January 2010 227 up 1.7% $ 299,000 down 0.33%
February 2009 160 up 44.4% $ 297,000 up 0.33%
Click here to view February 2010 Resales Charts.
*Median price means half the prices were above and half below the given price.

During February, sales of 157 single-family homes and 231 condominiums were reported through the Board’s MLS, an increase of 21.7 percent for single-family homes and an increase of 44.4 percent for condominiums, compared to the same month last year. The median prices paid for island properties in February was $570,000 for single-family homes and $298,000 for condominiums, a decrease of 3.6 percent for single-family homes and an increase of 0.33 percent for condominiums from February 2009. The year-to-date total dollar sales volume generated in the housing market through February was $ 390.5 million, an increase of 39.3 percent or $ 110.1 million, compared to the $ 280.4 million produced one year ago.

“The sales figures for February are very encouraging for Honolulu‘s real estate market,” said Brian Benton, President of the Honolulu Board of REALTORS®. “There’s been a great deal of pent up demand from consumers and current market conditions are getting them to get back into the real estate market.”

(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.)

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