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Number crunching: July statistics

The Honolulu Board of Realtors (HBR) released resale figures today for the month of July 2011, showing that sales have decreased, despite prices dropping. The summary was as follows:

Single family homes:

• Sales of single-family homes compared to July 2010 declined 7 percent, from 270 to 251 units sold.
• The median price of single-family homes also decreased, from $604,500 in July 2010 to $591,000 in July 2011 — which is 2.2 percent less than last year.
• Interesting enough, the pace of single-family home sales picked up compared to the same month last year. Homes were on the market about 34 days in July 2011, whereas they remained on the market for 38 days in July of last year.

Condominiums:

• Sales of condominiums also declined; HBR reports that 300 condo units sold in July 2011, compared to 324 last year.
• Condo prices dropped in July 2011 to a median of $277,000, whereas the median price in July 2010 was $300,000.
• The pace of condo sales remained constant compared to the same month last year.

“The good news is that the pace of sales of Oahu single-family homes and condominiums is not slowing down,” said Joyce Nakamura, President of the Honolulu Board of Realtors. “On the flip side, we are seeing dips in the number of sales and median prices over this same time last year.  Buyers may find opportunities in the condo market if the pricing trend continues.”

For the full report, visit the HBR website, here.

Posted on Tuesday, August 9, 2011 in Permalink