Number crunching: March real estate stats

Courtesy of Susan Borochov, Coldwell Banker Pacific Properties

The Honolulu Board of Realtors released its residential sales numbers for March, showing fewer overall sales compared to last year despite fairly stable prices. Then again, there are slightly fewer homes for sale.

Some highlights from the monthly report include:

Single-family homes

In March 2011, there were 249 closed sales compared to 255 at the same time last year. Year to date, however, overall sales are up 3.8 percent.

Pending sales are up by 3.5 percent; however, inventory is down by 12 percent with 1401 homes available for sale in March compared to 1593 in March 2010.

Median price for single-family homes was $548,500, a decrease of 8.6 percent from last year.

Homes are staying on the market longer, listing at 41 days — up from 34 days.

Condos

There were 8.1 percent fewer closed sales for the month, with 331 units sold compared to 360 in March 2010.

The median price paid for condos was $315,000, a 1.6 percent increase over last year.

Condos are also staying on the market longer than last year. In March 2010, condos listed for 36 days; this year, they are listed for 46 days.

“The Oahu median prices for both single-family homes and condominiums are still constant, while the sales volume for the market has slowed,” said Joyce Nakamura, President of the Honolulu Board of Realtors “As evidenced in the increase of pending sales, there is a continued demand for residential properties, especially in the high-end market. The tightened inventory levels and low mortgage interest rates make it an opportune time for well-qualified buyers to purchase a home.”