Oahu home sales

Lower prices are bringing
people to the market,
March figures show

By Russ Lynch

Lower Oahu home prices are bringing buyers into the market, with resales of existing homes showing a marked improvement in March, according to figures reported today by the Honolulu Board of Realtors today.

Single-family home sales were up 11.6 percent islandwide, compared with March 1996.

Condominium sales overall were down 5.8 percent compared with March 1996, but both single-family and condominium sales were up significantly from February. And in some areas of Oahu, condominium sales were up from a year earlier.

March home sales were up 16.4 percent from February and March condo sales were up 36.4 percent from February.

C. Scott Bradley, board president, said the higher sales count, particularly compared with February, is a good indication that consumers are attracted to falling prices. "We're seeing strength returning in specific market segments. Single-family home resales in East and Windward Oahu have been outpacing those of last year."

The 4,000-member trade association said that the median price among single-family homes last month was $305,000, 6.2 percent below the $325,000 March 1996 median, the point at which half the prices were higher and half lower.

There was also a 5.6 percent dip in the single-family median from February's $323,000. Last month's median price in condos was $150,000, down 21.1 percent from $190,000 in March 1996 and down 6.3 percent from February's $160,000.

Islandwide, 135 single-family homes were sold last month, compared with 121 in March 1996 and 116 in February. Condominium sales totaled 146 last month, compared with 155 a year earlier and 107 in February. The association reports only home resales, not sales of new homes.

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