Home sales sweet Home sales on Oahu were brisk in July, as sales of previously owned single-family homes jumped 20.8 percent from the year-earlier level and condominium resales were up 26.5 percent year-over-year.
Single-family homes were up
20.8% in July; condos rose 26.5%By Russ Lynch
rlynch@starbulletin.com
Prices were down slightly in the resale market for single-family homes but condominium prices rose sharply, the Honolulu Board of Realtors said today.
"Sales for the month of July were fantastic," said Peter Freeman, president and chief executive of the 3,500-member real estate trade association.
A total of 325 single-family homes changed hands last month, up from 269 in July 2000. Condominium resales totaled 410 in July, up from 324 in July 2000.
The median price among single-family homes was down 3.5 percent at $304,000, compared to the $315,000 July 2000 median, the level at which half the homes sold for more and half for less. But last month's condominium median of $140,000 was up 21.7 percent from $115,000 in the year-earlier month.
Freeman said the total dollar volume of all home resales on Oahu through the first seven months of this year was $1.14 billion, up 6.8 percent from $1.07 billion by the end of July last year. "We are seeing the condominium market perform extremely well."
While single-family home prices were down last month, there are signs of a potential uptick. The asking prices for homes coming into the market now are much higher, with median listed prices of $365,000 for single-family homes and $164,000 for condominium units, Freeman said.