Oahu home sales soar

So far in 1998,
they're up 39.3 percent

By Russ Lynch
Star-Bulletin

Sales of previously owned single-family homes on Oahu soared again in May, rising 50.3 percent compared with May 1997, while prices continued their downward trend.

Condominium resales also rose, rising 12 percent, according to a report from the Honolulu Board of Realtors.

The trade association yesterday said 227 single-family homes changed hands last month, up from 151 in the year-earlier month, and 206 condominium units were sold, compared with 184 in May 1997.

"The May statistics again show that the housing market is continuing to gain strength, posting the eleventh consecutive month of year-over-year increases in the number of resales," said Linda M. Marn, board chairwoman of the 4,000-member association.

The median price among single-family homes sold last month was $295,000, down 4.8 percent from $310,000 in May 1997. Condominium prices slipped to a $135,000 median, the point at which half the sales are for more and half for less, a dip of 9 percent from $148,300 in May 1997.

The year-to-date total of single-family home resales, 929, was up 39.3 percent from 667 in the first five months of last year. Condominium resales in the first five months of 1998 totaled 937, up 7 percent from 876 last year.

The board's figures do not include sales of new homes or condominiums.