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Wednesday, September 7, 2011

Number crunching: August 2011 stats

 

The Honolulu Board of Realtors (HBR) released their monthly sales statistics for August 2011, which show that both single-family home and condo prices dropped, compared to the same time last year. The number of sales, however, increased significantly.

The median single-family home price last month was $557,500, whereas it was $641,277 in August 2010—a 13.1 percent decrease. The number of sales increased by 20.8 percent, with 279 sales recorded in the MLS.

“The double-digit increases in sales of both single-family homes and condominiums are positive signs for the Hawaii market,” says HBR President Joyce Nakamura. “We’re cautiously optimistic that this reflects a glimmer of consumer confidence, especially among the lower-priced single-family homes, which is where we often see condo buyers entering the single-family market.

“If you’ve been shopping—or even just thinking of buying—this is the time to do it,” Nakamura adds. “That’s probably why we see a dramatic increase in the number of sales; the prices dropped and the interest rates are incredibly low.”

Other highlights from the report include:

  • Median condominium sales prices dipped slightly to $300,000 for August 2011, a 1 percent decrease against August 2010.
  • In August 2011, 338 condo units were sold, compared to 294 at the same time last year—a 15 percent boost.
  • According to the Days on Market indicator, sales of single-family homes closed at a faster pace last month compared to a year ago, with homes listing for 31 days.
  • Condominiums closed at a slower pace last month compared to a year ago, listing for 41 days.

To see the entire report, visit the HBR website at www.Hicentral.com.

Posted on Wednesday, September 7, 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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