Posted at 10:58 a.m., Wednesday, November 2, 2005
O'ahu condos sell for $290,000, a new high
Advertiser Staff
The median price for a condominium on O'ahu set another record in October, reaching $290,000, according to the Honolulu Board of Realtors today.That surpasses the previous record of $287,000 set in September.
The median price for a single-family home on O'ahu stood at $620,000 in October. The price was slightly below the record $625,000 set in August.
The number of condos sold last month (624) and single-family homes (412) were about 6 percent below the number sold in October 2004.
The board of realtors said the year-to-date dollar volume generated in the housing market was $5.051 billion, an increase of $1.13 billion, or 28.9 percent, compared to the same time last year.
The total single-family homes sales on O'ahu was 3,936 for the first 10 months of 2005, an increase of 0.7 percent over the same time period a year ago. Total condominium sales were 6,831, a 4.1 percent increase from last year, the board said.
"The O'ahu housing market achieved a new sales volume milestone in October by passing the $5 billion mark for the first time ever," said Mary Flood, president of the Honolulu Board of Realtors. "Last year, for the entire year, the total dollar volume of sales was only $4.76 billion and we've got two months left in 2005."
"The total number of sales continues to be ahead of last year, even with the slowdown that we've had this month," added Harvey Shapiro, research economist for the board. "We're waiting to see what effects, if any, fuel prices and other cost increases that reduce a buyer's disposable income will have on our housing market."
