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Oahu home, condo sales drop in March

By Star-Advertiser staff

LAST UPDATED: 12:12 p.m. HST, Apr 7, 2011

Both the number of previously owned single family home and condominium sales on Oahu decreased from the previous year in March, a report released today showed.

There were 249 single-family home sales, down 2.4 percent from 255 a year earlier, while condo sales dropped 8.1 percent to 331 from 360, according to the Honolulu Board of Realtors.

Single-family homes sold last month for a median $548,500, down 8.6 percent from $600,000 a year ago and 3.8 percent from February's $570,000. In contrast, the median price for condos climbed a modest 1.6 percent to $315,000 from $310,000 in March 2010, but was down from $320,000 in February.

Sales closed at a slower pace last month compared to a year earlier with single-family homes on the market for 41 days, up from 34 and condo listings for 46 days, up from 36.

"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."

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