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.