Number Crunching: Honolulu’s January Real Estate Stats

The January residential resales statistics from the Honolulu Board of Realtors were just released, and the numbers show that the year is off to a good start. Single-family and condominium home resales increased last month by 11.2 percent and 9.5 percent, respectively, from January 2010. That said, the median sales price for both single-family homes and condos decreased slightly, by 4.2 percent and 2.7 percent, respectively. Here, an in-depth look at the numbers:

• There were 199 single-family home resales in January, an 11.2 percent increase from Jan. 2010. There were 265 condo sales last month, a 9.5 percent increase from the previous year.
• The single-family home median sales price settled in at $570,000 last month, a 4.2 percent decrease. Condos saw a slightly smaller decrease of 2.7 percent from Jan. 2010, resulting in a median sales price of $291,000.
• The pending sales numbers are looking good: There were 269 pending single-family home sales last month, a 21.2 percent increase from Jan. 2010. The condo numbers are even better, with 426 pending sales, a 53 percent increase from Jan. 2010.
• The number of days that properties are on the market before selling continues to decrease, with single-family homes on the market last month for just 38 days, a decrease of 11.6 percent. Condos, however, moved at a slightly slower rate, with a days on market number of 49, a 36 percent increase from Jan. 2010.
• Single-family homes received 94.6 percent of the original list price, a minor decrease of .1 percent; condos received 94.3 percent, a .5 percent decrease.
• The inventory of single-family homes for sale decrease 3.5 percent to 1,391. Condos saw a small, 1.1 percent boost, with an inventory of 1,969.