Oahu Residential Resales Continue To Climb

The Honolulu Board of Realtors statistical report on residential resales on Oahu for the month of January shows gains in both the number of single family homes sold and the median sales price.

162 single family homes were sold in January, an increase of 32.8 percent over the 122 sales for the same period last year. The median price of $597,500 was up 8.6 percent over December 2009 with a median of $550,000 and up 10.8 percent over January 2009 with $539,500.

227 condominium resales were reported for January at a median price of $299,000, down 0.3 percent from December’s $300,000 and 2 percent from January 2009 with $305,000. While prices remained stable, the number of condominium units sold in January jumped 42.8 percent from the total of 159 sold in the same period last year.

The year-to-date total dollar sales volume generated in the housing market through January was $190.7 million, an increase of 31 percent, or $45 million, compared to the $145.6 million produced one year ago.

“January’s sales numbers for both single family homes and condominiums are very encouraging for the Oahu real estate market,” said Honolulu Board of Realtors President Brian Benton, Prudential Locations Broker In Charge. “Competitive pricing, current inventory levels, and the extension of the federal tax credit seem to be turning house hunters into first time home buyers.”

The Honolulu Board of Realtors report on Oahu residential resale activity reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months, data that is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.