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Home sales
climbing
The median price, though,
By Russ Lynch
continued falling
Star-Bulletin
Sales of previously owned houses and condominium units on Oahu soared in February while prices remained lower than a year earlier.
A total of 200 single-family homes changed hands last month, a 29 percent increase from 155 resales in February 1999, the Honolulu Board of Realtors said today. Condominium resales were up even more, showing 258 sales, a 33.7 percent increase from 193 a year ago.
The median single-family home price, the level at which half sold for less and half sold for more, was $285,000 last month, a 1.7 percent decline from the February 1999 median of $290,000. The condominium median resale price last month was $128,300, down 8.4 percent from $140,000 a year earlier.
The association, which gathers the statistics from transactions recorded in its computerized Multiple Listing System, said total sales volume of houses and condominium units through January and February was up 20.4 percent from the same two months in 1999.
The total sales reported for the latest two months added up to $242 million, a 25 percent increase from the year-earlier period, said Peter Freeman, president and chief executive of the 3,500-member real estate trade association.
The board's figures show 399 single-family homes changed hands in January and February, a 12.4 percent increase from 355a year earlier. Condominium sales in the latest two months totaled 511, up 27.4 percent from 401 in the same two months of 1999.
The board does not track sales of new homes. Homebuilders have reported brisk sales in recent months to the point where inventories of unsold new homes are dwindling.
