Wednesday, April 4, 2001

Home sales on
Oahu surge 32%

Star-Bulletin staff

The number of homes sold on Oahu jumped 32 percent last month as prices leveled, according to a monthly report from the Honolulu Board of Realtors.

Chart A total of 305 single-family homes sold on Oahu in March 2001, compared to 231 in March 2000, the board said. The median price for a single-family home dipped 0.9 percent last month to $280,000 from $285,000 a year earlier, the board said.

"The Oahu sales market continued to expand," said Peter Freeman, president and chief executive officer of the Honolulu Board of Realtors.

Sales of single-family condos were also busy during March, increasing 24.6 percent to 385 from 309 the year before. Median condo prices were up 7.5 percent to $129,000 from March 2000's $120,000.

Median price means that half the homes sold above the given price and half sold below.

So far this year, the overall sales volume in the housing market -- which represents the average price multiplied by the number of homes sold -- topped $433 million, a 12.6 percent increase from $385 million recorded during the first three months of 2000, Freeman said.

The 3,500-member Honolulu Board of Realtors tracks Oahu residential transactions recorded in its computerized Multiple Listing Service. The monthly figures do not report first-time sales of newly developed homes.

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