The residential real estate market is still in a slump, with condominiums particularly hard hit.

Home sales dropped 30.6 percent in November compared with last year, despite a median price that dropped 2.5 percent to $594,500, according to numbers released yesterday by the Honolulu Board of Realtors.

A total of 170 existing homes changed hands last month, 75 fewer than the same month a year ago.

Condo sales, meanwhile, plummeted 47 percent compared with last year but recorded a 0.4 percent uptick in median price to $316,200 last month.

Only a total of 201 existing condos were sold in November, the lowest number for the entire year, and 178 less than in November 2007.

Realtors blamed the lower sales on uncertainty in the market, mass layoffs, and the financial turmoil that hit Wall Street in the fall.

Jim Wright, chief executive of Century 21 All Islands, said November's numbers reflect the economic trouble that started unraveling in the United States as early as August.

“;Everybody is down considerably,”; said Wright. “;We're seeing half of what we used to see year-over-year in gross sales per firm.”;

He expects the real estate statistics to get worse before getting any better.

Wright said Century 21 is seeing more Real Estate Owned properties, homes that are in the possession of a lender as a result of foreclosure or forfeiture. He is also seeing more short sales, homes where the owners need to sell less than their loan amounts at the lender's loss.

“;These situations can be tedious and slow,”; said Wright. “;A lot of times the buyers lose heart and walk away, which tends to cause a higher fallout ratio.”;

Board President Dana Chandler said Oahu home prices are still exhibiting much more stability than in mainland cities.

“;Time will tell what the complete effects of the current economic conditions will be,”; said Chandler, “;but we're hopeful that the slowdown will be shallow and only of short-term duration here in the islands.”;

Still, days on the market stretched even longer in November, to 57 days for single-family homes compared with 53 a year ago.

Days on the market for condos stretched out to 68 in November, the highest number it has been since 1999. Condos spent an average of only 42 days on the market a year ago.

Board economist Harvey Shapiro said the demand for housing sales was the lowest in 10 years but that the inventory for both homes and condos actually contracted a bit last month.

“;This lack of inventory buildup indicates a slowdown in our market rather than a collapse as some mainland cities have, unfortunately, experienced,”; he said.

Fewer visitors to Hawaii will mean fewer potential second-home buyers, according to Wright, who is expecting a softer market than in previous years. Loans for second homes are also more difficult to obtain, he said.

Chason Ishii, president of Coldwell Banker Pacific Properties, said condos priced $750,000 and above have been affected the most.

“;Individuals that were looking to invest or move due to a change of lifestyle are now taking a wait-and-see attitude,”; said Ishii.

Developers of new high-rises are also offering incentives for the handful of units left in their residential towers. But these new units are not counted by the board, which only tracks resales.