POSTED: 10:13 a.m. HST, Dec 7, 2010
Demand and prices slipped a bit for previously owned Oahu single-family homes last month, according to sale statistics from the Honolulu Board of Realtors released today.
There were 245 homes sold in November for a median price of $585,000. The number of sales was down 5 percent from 258 in the same month last year, and the median price was down 0.8 percent from $590,000.
The condominium market saw much weaker volume, but a small uptick in the median price. There were 303 condo sales last month, a 24.6 percent drop from 402 a year earlier, while the median price was $315,000, up 1.4 percent from $310,500 in the same period.
The trade association of real estate agents has said the decline in sales, which materialized in the second half of the year, is largely due to year-ago volume that was inflated by a surge of sales encouraged by federal tax credits.
For the first 11 months of this year, Oahu single-family home sale volume is up 13.4 percent, and condo volume is up 11.4 percent. The median price year to date is up 2.6 percent for single-family homes, and is up 0.3 percent for condos.