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Oahu home and condo sales climb in October

By Allison Schaefers

POSTED: 09:38 a.m. HST, Nov 03, 2009

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Sales of single-family homes and condominiums on Oahu picked up substantially in October; however, year-over-year median sales prices continued to contract, according to statistics released today.

The Honolulu Board of Realtors said 281 single-family homes changed hands last month, up 15.9 percent from September and 15.6 percent from October 2008. Likewise condominium sales rose to 381, a 10.4 percent increase from September and 20.5 percent increase from October 2008.

"The current rate of sales for both single-family homes and condominiums were both slightly up in October, which is truly encouraging in light of the overall economy," said Sandra "Sam" Bangerter, board president.

More than half of the single-family homes sold on Oahu last month traded for at least $605,000, which represented a slight .83 percent increase from September 2009, but a 3.2 percent decrease from October 2008.

While there was a slight pick-up in the median price paid for a single-family home on a monthly basis, the median price paid for the condominium on Oahu in October fell for the month and the year.

"The median prices for single-family homes were up a bit and down for condominiums, but still within relatively stable price ranges," Bangerter said. "The first-time home buyer federal tax credit has been helpful in raising buyer awareness."

Unless Congress intervenes, first time home buyers must close on a property by Nov. 30 to qualify for a federal tax credit that returns as much as $8,000.

Sales of single-family homes and condominiums on Oahu picked up substantially in October; however, year-over-year median sales prices continued to contract, according to statistics released today.


The Honolulu Board of Realtors said 281 single-family homes changed hands last month, up 15.9 percent from September and 15.6 percent from October 2008. Likewise condominium sales rose to 381, a 10.4 percent increase from September and 20.5 percent increase from October 2008.

"The current rate of sales for both single-family homes and condominiums were both slightly up in October, which is truly encouraging in light of the overall economy," said Sandra "Sam" Bangerter, board president.

More than half of the single-family homes sold on Oahu last month traded for at least $605,000, which represented a slight .83 percent increase from September 2009, but a 3.2 percent decrease from October 2008.

While there was a slight pick-up in the median price paid for a single-family home on a monthly basis, the median price paid for the condominium on Oahu in October fell for the month and the year.

"The median prices for single-family homes were up a bit and down for condominiums, but still within relatively stable price ranges," Bangerter said. "The first-time home buyer federal tax credit has been helpful in raising buyer awareness."

Unless Congress intervenes, first time home buyers must close on a property by Nov. 30 to qualify for a federal tax credit that returns as much as $8,000.

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