Number Crunching: February Honolulu Real Estate Stats

The Honolulu Board of Realtors released the Honolulu resale figures for February, and condo sales were a bright spot. After months of steady, plateau-like numbers, condos are on the upswing, with 295 sales last month, a 20-percent increase from the previous year. The median sales price for condos, meanwhile, came in at $320,000, a seven percent increase from Feb. 2010. Single-family home resales were not as robust, though they didn’t lose any ground, either. Last month, 181 single-family home sales closed, a moderate increase of just over 2 percent from February 2010. The median sales price logged in at $570,000, a decrease of about 1 percent. The days-on-market indicators show that sales closed at a more sluggish pace last month compared to a year ago. Single-family homes remained on the market for 58 days, up from 38; condos also lingered on the market for 58 days, up from 51.

Other highlights from the monthly report include:

Single-family homes
• There were 7.7 percent fewer new listings—398 homes came on the market last month, compared to 431 in Feb. 2010.
• Pending sales are up by 27 percent, with 300 pending sales last month compared to 236 at the same time last year.
• The percentage of original list price received decreased slightly, with homes receiving 94.2 percent of the asking price last month compared to 95.5 percent in Feb. 2010.
• Inventory continues to shrink, with almost 17 percent fewer homes for sale last month than in February of last year.

Condos
• There were about 3 percent fewer new condo listings last month than in the previous year.
• Pending sales increased 11 percent, from 355 last February to 394 last month.
• Condo resales received about 1 percent more of the original list price last month (94 percent) than in February of last year (93 percent).
• Inventory of condos for sale decreased 4 percent from 2,014 last February to 1,931 this February.