Housing sales Oahu's real estate market showed no signs of slowing down last month. More single-family homes and condominiums were sold than in any January in more than a decade.
see a robust
January
The value of homes and condos
sold on Oahu is up 36 percentStar-Bulletin staff
The dollar volume of sales jumped 36.2 percent last month to $206.7 million from $151.8 million a year earlier, according to Anne Keamo, chairman of the Honolulu Board of Realtors.
Condominiums attracted the most buyers as sales surged 46.5 percent to 476 from 325 a year earlier. The median price rose 14.7 percent to $158,300 from $138,000 in January 2002. However, prices were down 1.1 percent from $160,000 in December.
Single-family home sales increased 9.4 percent to 278 from 254 a year earlier, with the median sales price gaining 12 percent to $350,000 from $312,500. The price was unchanged from the month earlier.
Harvey Shapiro, research economist at the Honolulu Board of Realtors, said he sees the housing market remaining robust.
"We expect that sales will keep occurring at a heightened pace in step with low mortgage rates," he said. "Conditions could change at any time, in the event of a war or other conditions that have an impact on Hawaii's economy. For now, however, the housing sector continues to be the strength in our economy."
In fact, home buyers last month shortened the length of time it took to make their purchases.
Single-family homes and condos in January changed hands in just a month, down from 42 days for single-family homes and 58 days for condominiums in the previous year.
"Condominiums, especially, are selling more quickly as the Oahu housing market continues to advance," Shapiro said.
The Honolulu Board of Realtors has approximately 4,000 members and a Web site, www.hicentral.com that offers up-to-date listings on Oahu single-family homes and condominiums for sale and for rent.
