Oahu Real Estate Market Firming Up
Monday, May 14, 2007
Source: Janis L. Magin, Pacific Business News
Sales are up, prices are up and the number of days homes on Oahu are staying on the market are down, all signs that the state's largest real estate market may be gaining strength, according to a new report from Prudential Locations.
The number of single-family homes sold from February to April increased to 924, a 5.6 percent increase over the previous three-month period, when 875 homes sold, according to the report. It was, however, a 3.6 percent decline when compared with the same period in 2006.
The median price of a single-family home during from February through April was $637,000, a 4.4 percent increase over the previous three-month period, from November to January, when the median price was $610,000.
It was a 1.6 percent decrease from the February-April 2006 period when the median price was $627,000.
Days on market -- which measures the time it takes from when a property is listed to when a sales contract is signed -- went from 69 days in February to 49 days in April. Condominium days on market went from 62 in February to 36 in April.
"We continue to see increasing real estate sales and prices and decreasing days on market numbers, all of which are strong indicators of a revitalizing market," said Scott Higashi, executive vice president of sales for Prudential Locations. "At the same time, our agents report that many Hawaii consumers are confused about the state of the market.
"It has been fluctuating each month, but a close look at the numbers can show where the trends are really heading."
Condo sales from February to April were up 14.8 percent over the previous three months, but down 14.8 percent when compared to the same three-month period in 2006. There were 1,447 condos sold during the three-month period this year, compared to 1,260 from November-January, and 1,699 from February-April 2006.
The median price of a condo from February-April was $322,500, which was up compared to both periods.
