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Isle home prices Resales of single-family homes on Oahu dropped last month, compared to the previous February, as did prices, according to the monthly report of the Honolulu Board of Realtors.
sink 12.3% amid
falling sales
Condominium purchases
increased in February while
costs declined 1.4 percentBy Russ Lynch
Star-Bulletin
However, a 9.3 percent increase in sales volume of previously owned condominium units was enough of a gain to boost total home resales volume 2.4 percent over February 2000.
A total of 187 single-family homes changed hands last month, a drop of 6.5 percent from 200 resales in the previous February. The slide in the single-family price was even greater, a drop of 12.3 percent to a median of $250,000, compared to the $285,000 February 2000 median, the level at which half the homes sold for more and half for less.
The median price dropped because more of the houses sold were in lower-priced areas of Oahu, said Peter Freeman, the Board of Realtors' president and chief executive officer. He said 50.3 percent of the single-family homes changing hands last month were in less expensive neighborhoods, compared to 41.6 percent in January.
Condo sales were brisk, showing a total of 282 units last month, up from 258 in the year-earlier month. Condo prices declined, but not as much as those for single-family homes. The median price among Oahu condos sold last month was $126,500, down 1.4 percent from $128,300 in the previous February.
The 3,500-member Honolulu Board of Realtors keeps track of Oahu transactions recorded through its computerized Multiple Listing Service. It does not report first-time sales of new homes.