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Tuesday, March 8, 2011

Number Crunching: February Honolulu Real Estate Stats

The Honolulu Board of Realtors released the Honolulu resale figures for February, and condo sales were a bright spot. After months of steady, plateau-like numbers, condos are on the upswing, with 295 sales last month, a 20-percent increase from the previous year. The median sales price for condos, meanwhile, came in at $320,000, a seven percent increase from Feb. 2010. Single-family home resales were not as robust, though they didn’t lose any ground, either. Last month, 181 single-family home sales closed, a moderate increase of just over 2 percent from February 2010. The median sales price logged in at $570,000, a decrease of about 1 percent. The days-on-market indicators show that sales closed at a more sluggish pace last month compared to a year ago. Single-family homes remained on the market for 58 days, up from 38; condos also lingered on the market for 58 days, up from 51.

Other highlights from the monthly report include:

Single-family homes
• There were 7.7 percent fewer new listings—398 homes came on the market last month, compared to 431 in Feb. 2010.
• Pending sales are up by 27 percent, with 300 pending sales last month compared to 236 at the same time last year.
• The percentage of original list price received decreased slightly, with homes receiving 94.2 percent of the asking price last month compared to 95.5 percent in Feb. 2010.
• Inventory continues to shrink, with almost 17 percent fewer homes for sale last month than in February of last year.

Condos
• There were about 3 percent fewer new condo listings last month than in the previous year.
• Pending sales increased 11 percent, from 355 last February to 394 last month.
• Condo resales received about 1 percent more of the original list price last month (94 percent) than in February of last year (93 percent).
• Inventory of condos for sale decreased 4 percent from 2,014 last February to 1,931 this February.

 

Posted on Tuesday, March 8, 2011 in Permalink

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About This Page

Honolulu Real Estate focuses on the Hawaii housing market, condos and homes for sale, Hawaii rentals and general news about real estate in Hawaii. It also includes stories on apartment living, home decor and profiles.
 


Melissa Chang graduated from the University of Hawaii with a degree in journalism and has been blogging since 2007, mostly on food and travel. She works primarily in social media, so you can find her online @Melissa808 on Twitter and Instagram.


 


Jaymes Song is a real estate agent at Prudential Advantage Realty in Kahala. Jaymes is in the top 7 percent of Prudential agents nationwide. Previously, Jaymes was at The Orange County Register, Honolulu Star-Bulletin and rose through the ranks to overseeing news and operations for AP in Hawaii and the Pacific Rim. Jaymes lives in the Portlock area and loves his real full-time job of being dad to two curious kids.


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