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Condo sales up
21.6% in January

Home purchases, however,
were off slightly for
the month

By Russ Lynch
Star-Bulletin

Strong movement in the condominium market, where prices were down, helped overall January sales of previously owned homes on Oahu jump 10.8 percent over January 1999, despite a slight setback in sales of single-family houses.

A total of 253 condominium units changed hands last month, up 21.6 percent from 208 in January 1999, while the condominium median price slipped 8 percent to $120,000 from January 1999's $130,500 median, the point at which half the units sold for more and half for less.

Single-family home sales were down by 0.5 percent at 199 last month,one less than the 200 total a year ago, according to the monthly report from the Honolulu Board of Realtors. The median price last month among single-family homes was $299,500, a 1.9 percent increase from $293,800 in the year-earlier month. A total of 452 homes and condos were sold last month vs. 408 a year earlier.

Peter Freeman, president and chief executive officer of the 3,500-member real estate trade association, said there has been a noticeable increase in the speed at which homes are being sold after they go on the market and the inventory of unsold homes has fallen to where it was in early 1990.

Realtors say that a tightening of the inventory usually leads to higher prices. "In January, single-family homes sold after a median of only 53 days on the market, compared to 69 days last year," Freeman said. Two years ago, the median was 80-plus days on the market, he added.

"Sales speed in the condominium market has improved even more, with these properties selling in a median of 63 days, compared to 89 days last year at the same time," Freeman said.

The association gathers the figures from its Multiple Listing Service computerized system. It counts only previously owned homes, not new ones.