Isle homes selling
as prices fall

Honolulu sales so far in 1999
are well ahead of last
year's pace

By Russ Lynch
Star-Bulletin

Prices for previously owned Oahu houses and condominium units were down last month compared with November 1998, but sales volume in both categories was higher, according to the Honolulu Board of Realtors.

The trade association's monthly report showed a median price of $280,200 among the single-family homes changing hands in November, down 4.9 percent from the $294,500 in November 1998.

"It seems to have resumed its decline, posting the lowest price since September 1998," said Peter Freeman, president and chief executive officer of the 3,500-member real estate association.

Condominium prices were down even more in the year-to-year comparison, with a median last month of $125,000, 11 percent below the year-earlier median of $140,500. The median is the level at which half the homes sold for more and half for less.

A total of 230 single-family homes changed hands last month, up 1.8 percent from 226 in the previous November, and last month's condominium sales totaled 266, up 17.7 percent from 226 in the year-earlier month.

The inventory of available homes and apartments is lower, with a 6.5-month supply of single-family homes and a 6.9-month supply of condominiums last month, compared with 8.9 and 10.7 months in November 1998.

The average single-family home sold in November was on the market for 48 days, more than two weeks shorter than the November 1998 average, the association said, and condominium units averaged 53 days on the market, nine days less than the year-earlier rate.

"The inventory of available properties continues to shrink. It is now at the lowest point since early 1990," Freeman said.

Through the first 11 months of this year, 2,568 single-family homes changed hands, an increase of 15.4 percent from 2,226 in the previous year. Condominium resales January through November totaled 3,010, up 27 percent from 2,371 in the 11 months of 1998.

The Board of Realtors' numbers are for existing homes only and do not include new houses and apartments.