More home sales as 2010 ends; Oahu prices higher - Hawaii News Now - KGMB and KHNL

More home sales as 2010 ends; Oahu prices higher

By Howard Dicus - bio | email

HONOLULU (HawaiiNewsNow) - More than 600 homes and condos went to closing in Honolulu in December, with both sales volume and median prices higher than they had been a year earlier. Neighbor island markets remained fairly firm.

The median price of a single family home on Oahu rose from $555,000 in December 2009 to $587,000 in December 2010, while the condo median rose slightly to $303,000. The median is the point at which half the sales are for more and half for less.

This month began, the Honolulu Board of Realtors reported Monday, with 234 single family home sales pending. Usually pending sales close in the current month or the following month. The typical home put up for sale on Oahu is now selling in five weeks.

The Realtors Association of Maui reported that more than half of its December single-family home sales were for more than $465,000, though association director Terry Tolman noted that sales are dampened by prospective sellers who have unrealistic price expectations and prices are dampened by short sales of properties whose owners fell behind in mortgage payments.

"Strong buyer-showing activity is now showing in actual reported sales," Tolman said in the Maui report, also released Monday.

Hawaii Information Service, which tracks Big Island and Kauai sales, said in both counties the sales volume was higher than year-before levels but prices were lower.

December closings at a glance:

  • Oahu: 306 home sales, 341 condos.
  • Big Island: 138 homes, 61 condos.
  • Maui Co.: 70 homes, 92 condos.
  • Kauai: 46 homes, 22 condos.

Realtors cautioned that individual neighborhoods varied considerably from islandwide figures. On the Big Island, more than a third of all home sales shifted to lower-priced Puna district while prices actually rose in Hilo, Hamakua and North Kohala. On Oahu, where prices generally rose, they were lower than year-before levels in Kaneohe, Kapahulu, Makakilo and Kakaako.

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