Honolulu Board of REALTORS®

CONDOMINIUM SALES DOUBLE FROM NOVEMBER 2008
Honolulu Board of REALTORS® Releases
  November Residential Resales Statistics

 

Released: Wednesday, December 2, 2009 

HONOLULU - The Honolulu Board of REALTORS® released resale figures today for the month of November. 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 Oahu

Single 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, an 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."

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 5,500 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.)