Isle home sales Oahu's real estate industry had another bonanza month in September, with sales of single-family homes and condominium units soaring in both volume and price. Single-family homes sold at a record pace.
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Selling at record pace:
» Single-family home sales are up 26.8%
» Condominium sales climb 32.2%
» Sales total $1.86 billion so far this year
Star-Bulletin staff
A total of 331 houses changed hands last month, up 26.8 percent from 261 resales in September 2001. The median price for a single-family home jumped 16.9 percent to $360,000, up from $308,000 a year earlier. The median price is the level at which half the homes sold for more and half for less.
Condo sales jumped 36.2 percent to 455 units from 334 a year earlier. The condo median price last month, $158,500, was 18.3 percent higher than the September 2001 level of $134,000.
The average condominium sold last month was on the market 26 days, said the Honolulu Board of Realtors, which reports the sales shown in its computerized Multiple Listing Service.
That was a "speed so fast the it hasn't been encountered in more than a decade," said Harvey Shapiro, the board's research economist. "The last time condominium sales posted a sales speed this rapid was in 1990, at the end of the Japanese 'bubble.'"
The average single-family home stayed on the market just 29 days last month.
"At no point in the contemporary history of the Oahu housing market have single-family homes sold so quickly," Shapiro said.
Total home and condo sales through the first nine months of this year were worth $1.86 billion, 23.2 percent above last year's $1.51 billion, said Guy Tamashiro, the association's chairman.
