Home sales
on Oahu rise
in April as
prices fall

But the number of condo
purchases and the cost for
the units both increase

By Rick Daysog
Star-Bulletin

The number of single-family homes sold on Oahu jumped 11.2 percent in April as prices slipped 9.1 percent.

Figures compiled by the Honolulu Board of Realtors show that 299 single-family homes closed last month, compared to 269 in the year-earlier month.

The median price for a single-family home was $290,000, down from $319,000 in April 2000.

Sales of single-family condominiums jumped 12 percent last month to 361 from 322 in the year-earlier month.

The median price for a single-family condo was $135,000, a 0.7 percent increase from the April 2000's $134,000.

The latest sales figures underscore the continued strong demand in the local housing market.

"April was a month of exceptional resales for the Oahu market," said Peter Freeman, president and chief executive officer of the Honolulu Board of Realtors.

"This marks the 46th consecutive month of expansion in our housing market."

On a year-to-date basis, the number of single-family home and condo sales are up 15 percent from the year-earlier period.

The board said that a total of 1,036 single-family homes and 1,316 condos were sold during the first four months this year.

The overall inventory of homes on the market also increased slightly during the first four months this year to 1,581 homes and 1,789 condos but the properties are selling much more rapidly than they did last year, the board said.

For single-family homes clearing escrow in April, it took an average of 42 days to complete the sale.

For condos, the average days on market was 42 days.

Last April, the average days on the market was 50 for single-family homes and 54 for condos.