September Real Estate Stats for Oahu

The Honolulu Board of Realtors released the September residential resales statistics yesterday. Overall, changes in the market last month were minimal, showing mostly small, steady gains, which points to a pretty stable housing market:

• There were 274 single-family home resales and 298 condominium resales last month, representing an 8.3-percent increase and 15.8-percent decrease, respectively, from September 2009.
• Last month, the median sales price for single-family homes was $622,450, up 2.9 percent from a year ago. For condos, the September median sales price of $335,000 represented a slightly larger gain—8.2 percent—from Sept. 2009.
• The days-on-market stats, which indicate the median number of days from when a property is first listed to when it’s pending sale, showed the most change: Last month, single-family homes remained on the market for 32 days, a nearly 40-percent decrease from Sept. 2009; condos lingered on the market for 39 days, representing an 11.5-percent decrease from Sept. 2009.
• The island’s inventory-of-homes data shows steady declines in the month of September. Last month, there were 1,515 active single-family home listings compared to 1,711 in September of last year. Condo inventory also slightly decreased—there were 2,098 condos on the market last month, compared to 2,251 in Sept. 2009.
• Another indicator of a steady market is the percent of original list price received at sale, which is the average percentage found by dividing a sold property’s sales price by its original price. Single-family homes in Sept. 2010 received about 95.2 percent of the original list price, a 2.9 percent increase from Sept. 2009. Last month, condos also received approximately 95.2 percent of their original list price, a 1.6 percent increase from Sept. 2009.

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