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Friday, August 4, 2000

Housing market
in Hawaii keeps
rolling along

Sales increase for the
37th straight month
but condo prices fall

By Russ Lynch

The sales volume of previously owned homes on Oahu last month beat the year-earlier total for the 37th month in a row, according to the monthly figures from the Honolulu Board of Realtors.

Art Single-family home prices were higher but condominium prices dropped, the board said yesterday.

The real estate trade association said 269 single-family homes changed hands last month, one more than the 268 sold in July 1999, or a 0.4 percent increase.

The median price among last month's sales of single-family homes was $315,000, up 6.8 percent from the $295,000 July 1999 median, the price at which half the units sold for more and half for less.

The condominium resales volume increased 5.9 percent to 324 units last month from 306 July 1999. However, the median condominium price last month, $115,000, was down 15.1 percent from the July 1999 median of $135,500.

The year-to-date volume of 1,765 single-family homes sold was up 10.9 percent from 1,591 in the first seven months of 1999.

The year-to-date condominium sales total, 2,209, rose 22 percent from 1,811 in the same period last year.

Peter Freeman, president and chief executive of the 3,500-member association, said the total sales value of all single-family homes and condominium units sold so far this year was $1.07 billion, a 20.2 percent increase from $890 million through the first seven months of 1999.

Freeman also said homes are selling quicker this year than they have in a decade. The median number of days that a single family home was on the market before a contract was signed was 39 days, while the median sales time for condos was 42 days. "Both of these statistics are reminiscent of the market we had in 1990," he said.

The board's monthly count does not include sales of new homes and condos.

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