Oahu Residential Resales Remain Strong

Sales of existing single family homes and condominiums on Oahu in April increased 52.9 percent and 48.3 percent, respectively, over the same period last year.

According to a report from the Honolulu Board of Realtors, 286 single family homes were sold at a median sales price of $563,000, representing a decline of 6.2 percent from the $600,000 median price of the 187 single family homes sold in April 2009.

The median sales price of the 390 condominium homes sold in April was $308,000, down 2.2 percent from April 2009 when 263 condominiums sold at a median price of $314,950.

“Oahu residential home sales have continued to be strong and prices have held pretty steady, which is a good sign that people have more confidence in the economy,” said Honolulu Board of Realtors President Brian Benton, Prudential Locations Broker In Charge. “We know that many first time home buyers took advantage of the federal tax credits. However, we may see a leveling off of sales over the next several months since the tax credits ended in April.”

The Honolulu Board of Realtors statistical analysis is based on data collected from its computerized Multiple Listing Service (MLS) system. The Board’s monthly report reflects information about resales of existing properties only and does not include new home sales. The MLS information is compiled from sales reported during the cited months, data known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually one to three months.