Number crunching: October 2011 stats
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.
"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.