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Oahu home sales slip, but condo market climbs

By Andrew Gomes

LAST UPDATED: 09:58 a.m. HST, Mar 08, 2011

The price and volume of previously owned single-family homes sold last month on Oahu stuck close to where they were a year earlier, while the condominium market showed significant gains, according to a report released.

Single-family homes sold in February for a median $570,000, off 1 percent from $575,000 in the same month last year, the Honolulu Board of Realtors' report said.

The slight decline followed a 4.2 percent decrease in January, though local economists say the market is poised to further a modest rebound in prices that started last year based on climbing sales and an improving economy.

February's median price was based on 181 sales, which was four more sales than the 177 a year earlier.

Homes that sold last month took significantly longer to sell, spending an average of 58 days on the market before sellers accepted an offer. A year earlier the average time on the market was 38 days.

Inventory sagged 9.7 percent to 1,395 homes at the end of last month compared with 1,545 homes a year earlier, as fewer new listings were added to the market.

Oahu's condo market performed better with a 7 percent gain in the median sale price and a 20.9 percent surge in the number of sales. There were 295 condo sales last month compared with 244 a year earlier. The median price was $320,000 compared with $299,000. The median price gain followed a 2.7 percent decline in January.

Condos that sold last month spent an average 58 days on the market, up from 51 days for sales made in February 2010. Inventory declined 4.1 percent to 1,931 units from 2,014 as fewer new listings were added to the market.

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