Resales of homes, condos up in April

Advertiser Staff

O'ahu home and condominium resales increased last month compared with the same month a year ago, but prices either stayed level or decreased, according to statistics released yesterday by the Honolulu Board of Realtors.

Owners of single-family homes sold 299 homes last month, up 11.2 percent from the 269 sold in April 2000. The median sales price of $290,000 was down 9.2 percent from $319,000 the year-earlier month.

Condominium resales rose to 361, up 12.1 percent from 322 in April 2000. Median sales price of $135,000 was up 0.7 percent from $134,000 a year earlier.

Median sales price means half the homes sold during the month were above that price, and half were below.

Through the first four months of 2001, home and condominium resales are 15.2 percent ahead of the first four months of 2000. The dollar volume of sales has advanced more slowly, up 10.1 percent, the board said.

The increased sales are partly the result of an increased supply, with more homeowners willing to sell, but also a faster sales pace, said Peter Freeman, Board of Realtors president and chief executive officer.

"The number of new listings coming to market this year is well above recent trends," Freeman said. "In part, these new listings are meant to replace the reduced inventory, but many are selling as soon as they come on the market."

The days-on-market indicator has declined consistently since 1995, Freeman said. In April, the average single-family home sold was on the market 42 days, and the average condominium was on the market 41 days.

The statistics do not include new home or Neighbor Island sales.