2010 Honolulu Real Estate Recap

The Honolulu Board of Realtors just released the 2010 Annual Report for the Honolulu housing market, and things are looking sunny. The general consensus among realtors I’ve recently spoken with is that the market bottomed out some time ago, the market has stabilized and things are creeping back up. And the data released yesterday certainly seems to support that.

Sales of single-family homes were more robust than condo resales, but both were up from 2009.

For single-family homes:
 

• New listings were up 6.3 percent.
• Pending sales increased 10.7 percent.
• Closed sales saw a 13.4 percent growth.
• The median sales price in 2010 was $592,750, which was a 3 percent increase from 2009.
• Single-family homes spent an average of 34 days on the market last year, a 30 percent decrease from the previous year.
• In 2010, single-family home resales received approximately 95.5 percent of the original asking price, a 2.5 percent increase from 2009.

For townhouses and condominiums:
 

• New listings were up 1.6 percent.
• Pending sales increased by 7.1 percent.
• There were 10.3 percent more closed sales in 2010.
• The median sales price of $305,000 was unchanged between 2009 and 2010.
• Condos and townhouses spent 34 days on the market last year, a 30.6 percent decrease.
• Condo and townhome resales received 95 percent of the original price, a 2.4 percent jump.