Home, condo resales rise for 45th month

By Frank Cho
Advertiser Staff Writer

The sales of existing homes and condominiums on O'ahu increased again last month, marking the industry's 45th consecutive month of rising sales.

Single-family home resales rose 32 percent in March, to 305 compared with 231 during the same month last year, according to statistics released yesterday by the Honolulu Board of Realtors.

Median house prices were relatively unchanged, slipping slightly to $280,000, down 0.9 percent compared to $285,000 during the same month in 2000.

Condominium resales remained strong, rising nearly 24.6 percent to 385 units compared with 309 in March 2000. The median price rose 7.5 percent, from $120,000 to $129,000.

Median means half the homes sold for more than that price, and half sold for less.

"For the first time in years, the quantity of available single-family home properties also increased, ending last year with an additional 80 dwellings on the market," said Peter Freeman, president and chief executive of the board. "This number has shrunk since the beginning of the year, but the inventory available is currently the same level it was in December 1999."

The board said dollar volume of sales for the month also was up strongly — 12.6 percent — at $433 million compared to $385 million the same month in 2000.

The median asking prices of both condos and houses are the highest in several years, according to the board.

For houses, the median asking price of $345,000 is the highest since early 1998, Freeman said. Condominiums, with a median asking price of $159,900, are now at their highest level since 1997.