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Tuesday, November 8, 2011

Number crunching: October 2011 stats


Photo by Melissa Chang

As we head into the holidays, the real estate market has also started its annual slowdown. The Honolulu Board of Realtors (HBR) released its resale figures today for October 2011, showing a dip in the number of homes and condos available for sale as compared to previous years.

The graph below shows that inventory was steady in October 2009 and 2010, but decreased by 17.6 percent for single-family homes and 20.2 percent for condos in October 2011.


Source: Honolulu Board of Realtors

"There's still a lot of activity as far as buyers looking," says HBR President Joyce Nakamura. "There's just not a lot on the market to choose from." Prices are low and interest rates are low, but the holiday months are usually slower for the real estate industry.

"October's numbers reflect a movement toward stability in the market. We saw an increase in the number of sales and median sales prices of condominiums as well as increases in pending sales for both single-family homes and condominiums," Nakamura adds.

Highlights for October 2011 include:

  • Single-family home sales decreased from 245 in October 2010 to 223 last month, a 9 percent decline.
  • The median sales price of single family homes for October 2011 was $579,000, which is 2.3 percent lower than the same time last year.
  • Condo sales bumped slightly. In October 2011, 321 condos sold; 319 condos sold in October 2010.
  • Median condo prices also saw a slight increase, from $300,000 in October 2010 to $305,000 in October 2011.
  • According to the Days on Market indicator, sales of single-family homes and condominiums closed at a slower pace last month compared to a year ago, with homes listing for 45 days and condominiums listing for 38 days.

To see the full report, visit HBR’s website at www.HiCentral.com.

Posted on Tuesday, November 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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