Number crunching: September 2011 stats

It’s a good time to buy real estate, but you better hurry.

According to the Honolulu Board of Realtors (HBR), the median price paid for single family homes in September 2011 was 8.1 percent less than in 2010, down to $570,000. Condo prices followed the same downward trend with a median price of $316,500 for the month, a decrease of 4.1 percent compared to September 2010.

On the flip side—possibly due to the drop in prices—sales in September 2011 increased and closed faster. A quick look at the numbers:

• In September 2011, 284 single-family homes sold, showing a 4 percent increase over the same time last year.
• Condo sales showed a significant increase in number of sales, up 19 percent to 364 for September 2011 compared to September 2010.
• 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 39 days.

September’s stats are similar to August, where the median price was significantly lower than the same time last year and sales increased.

“We’re encouraged by September’s numbers, with the number of sales of both single-family homes and condominiums increasing over last year,” says HBR President Joyce Nakamura. “The fact is that consumers are purchasing properties that are appropriately priced for today’s market. And while it appears that that foreclosures and short sales are continuing to drive prices down, the good news is that there are a lot of great buys out there, especially given current low interest rates.”

For a look at the full report, go to www.Hicentral.com.