Oahu real estate sales statistics March 2012

Oahu real estate sales statistics for the month March 2012 are released.  According to the analysis conducted by the Honolulu Board of Realtors, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics for Oahu are:

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

During March, sales of 222 single-family homes and 338 condominiums were reported through the Board’s MLS, a decrease of 10.8 percent and an increase of 2.1 percent, respectively, from March 2011. The median price paid for island properties in March was $625,000 for single-family homes and $311,750 for condominiums, an increase of 13.9 percent and a decrease of 1.0 percent, respectively, compared to the same month last year. According to the Days on Market indicator, sales for single-family homes were accepted at a slower pace last month compared to a year ago with single-family properties listing for 44 days; condominiums were accepted in a shorter amount of time, listing for 39 days, down from 46.

“The number of condominiums sold this month increased dramatically compared to last month. In fact, there was a 48.9% increase from February of this year,” said Joe Paikai, president of the Honolulu Board of REALTORS ® . “Looking to the future, we’re cautiously optimistic, especially given the 7% year-over-year gain we’re seeing in pending sales for both single-family homes and condominiums..”

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