Honolulu November 2009 statistics shows condo sales doubled

The Honolulu Board of REALTORS® released resale figures today for the month of November showing among other things that the number of condo sales more than doubled from November 2008. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

November 2009 Residential Resales Statistics for OahuSingle Family Home Resales
Number of
Sales
This Month
Compared To
Median*
Sales Price
This Month
Compared To
November 2009 249 $ 590,000
October 2009 281 dn 11.4% $ 605,000 dn 2.4%
November 2008 170 up 46.5% $ 594,500 dn 0.75%

Condominium Resales
Number of
Sales
This Month
Compared To
Median*
Sales Price
This Month
Compared To
November 2009 407 $ 320,000
October 2009 381 up 6.8% $ 295,000 up 8.5%
November 2008 201 up 102.5% $ 316,200 up 1.2%
Click here to view November 2009 Resales Charts.
*Median price means half the prices were above and half below the given price.

During November, sales of 249 single-family homes and 407 condominiums were reported through the Board’s MLS, a decrease of 2.5 percent for single-family homes and an increase of 8.5 percent for condominiums, compared to the same month last year. This brings total single-family home sales on Oahu to 2,318 for the first eleven months of 2009, a decrease of 9 percent over the same time period one year ago. Total condominium sales through November were 3,118, a 15.5 percent decrease from last year. The median prices paid for island properties in the first eleven months of 2009 was $580,000 for single-family homes and $302,750 for condominiums, decreases respectively of 7.0 percent and 6.8 percent from the same time period on 2008. The year-to-date total dollar sales volume generated in the housing market through November was $2.665 billion, a decrease of 22.7 percent or $781 million, compared to the $3.446 billion produced one year ago.

“The Oahu real estate market continues to experience strong and steady sales, as demonstrated by the more than 100 percent increase in condominium sales last month as compared to the last November,” said Sandra “Sam” Bangerter, president of the Board. “The federal tax credits and historically low-interest rates are keeping homeownership within reach for qualified buyers.”

(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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