Number Crunching: Oahu’s November Real Estate Stats
November is traditionally a pretty quiet month for home resales, so last month’s unimpressive numbers come as little surprise. Overall, the numbers for single-family home resales stayed the course while condo sales fell flat. According to the Honolulu Board of Realtors, 245 single-family homes and 303 condominiums sold last month, representing decreases of 5 percent and nearly 25 percent, respectively, from Nov. 2009. Meanwhile, the median sales prices for single-family homes decreased less than one percent to $585,000, while condos saw a 1.4 percent uptick to $315,000.
Here are some additional highlights from the Honolulu Board of Realtors’ monthly update:
• Single-family homes spent 4.5 percent fewer days on the market last month compared to Nov. 2009. Condos, on the other hand, lingered on the market for 45 days, a 45 percent increase over Nov. 2009.
• The percent of original list price received, which is the average percentage found when dividing a property’s sales price by the original list price, continues to be a point of strength. Last month, single-family homes received 96 percent of their original list price, a more than 2 percent increase from Nov. 2009, while condos received just over 95 percent of the original list price, a less-than-one-percent increase from Nov. 2009.
• Inventory continues to decline. There were 7.5 percent fewer single-family homes and 4 percent fewer condos on the market last month compared to Nov. 2009.
• A bright spot is the pending sales indicator, a count of the properties that have offers accepted on them, which shows that there were 278 pending single-family home sales in November, a nearly 23 percent increase from Nov. 2009. Additionally, there were 326 pending condo sales last month, a 5.5 percent increase. More sales would make for a merrier December, so here’s hoping for a stronger month!