Oahu real estate recovery goes 4G

Oahu real estate recovery goes 4G

By Howard Dicus - bio | email

HONOULU (HawaiiNewsNow) - Honolulu home sales are picking up, prices are mostly higher, and two other metrics show the strength of the market is growing.

In May on Oahu, 284 homes went to closing, about a third more than in May of last year, for a median price of $606,000 that was up $64,000 from back then. More than half the home sales were in the Ewa-Waipahu area or the Kaneohe-Kaliua area.

The Honolulu Board of Realtors reported Tuesday that 355 condos went to closing for a median price of $312,500 that was up more than $12,000 from last year at the same time.

This continues a trend of some months, but deep detail in the version of the report transmitted to real estate agents themselves showed not two but four factors that point to economic recovery.

What makes it 4G good news is (1) average time on market is down to 31 days, about half of what it was just a year ago, and (2) the average home seller is now getting 95% of list price.

Those neighbor island home sales figures so far available from May show improvement, too, but not yet of this magnitude.

Copyright 2010 by HawaiiNewsNow. All rights reserved.