Oahu home
sales jump 25%

October's 381 home resales
set a record, and prices for
homes and condos also rise

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By Tim Ruel
truel@starbulletin.com

Oahu's hot real estate market resulted in a record number of single-family home resales in October, and prices for both homes and condominiums were up year over year, according to a report released today by the Honolulu Board of Realtors.

A total of 381 single-family homes were sold last month, rising 25 percent from 306 in the same month last year, and shattering the previous sales volume record of 369 sales, set in July 1987.

Although recent home resale volume has officially topped the highs seen during the Japanese bubble market of the late 1980s, prices are still well below record levels.

The median price for a single-family home rose to $355,000 in October, up 9.2 percent from $325,000 last year, but not up to the record $391,000 set in August 1990.

A total of 524 condominiums sold, a 37.2 percent jump from 382 last year, while the median price rose 26.8 percent to $158,500 from $125,000. The average condo stayed on the market for just 24 days last month, the shortest period ever.

"Resales results continue to be spectacular for the Oahu housing market," said Guy Tamashiro, chairman of the Honolulu Board of Realtors.

More condos have sold this year through October than all of last year, and single-family home resales will outstrip 2001 in two more weeks, said Harvey Shapiro, research economist for the 3,600-member board of Realtors.

The statistics do not include the market for new homes, though new home sales and prices have jumped this year over last year, according to research by real estate analyst Ricky Cassiday.

Real estate resales and housing construction, driven by historically low interest rates, have helped buoy Hawaii's economy, which has been stung by lower tourism revenues. Home sales this year have totaled more than $2 billion.

The Honolulu Board of Realtors releases monthly surveys of housing activity based on data gleaned from its computerized multiple listing service.