Realtors closed on 285 home sales on Oahu in June, for a median price of $575,000, compared to 263 closings a year ago for a median price of $570,000, the Honolulu Board of Realtors reported Wednesday. There were 396 condo closings for a median $300,000, compared to 287 sales for a median price of $310,000 a year ago.
The median is the point at which half the sales are for less and half for more. The median prices gives a sense of the market that the average price can fail to give if one or two really expensive or really cheap sales skew the numbers. Major homesellers such as Prudential Locations and Coldwell Banker caution that prices vary considerably from one neighborhood to the next.
Realtors note that the average time on market was a mere 32 days, down a third from the same time last year, and the average seller got almost 96% of the original asking price, a few points better than last year at the same time.
Factors driving the market include expiration of federal home credit, which is thought to have taken some drive out of the market, and the lowest mortgage rates in half a century, the effect of which has been restricted, real estate agents say, by tight credit at local banks.