Posted at 9:49 a.m., Tuesday, October 4, 2005
Condo prices at a record $287,000
Advertiser Staff
The median price for condominiums climbed to a record $287,000 on Oahu last month as the island's real estate market continued to sizzle.Single-family homes sold for a median of $615,000 in September, down slightly from the record $625,000 set the month before.
The number of homes sold was up about 9 percent from a year earlier and inventory was up, according to a statement from the Honolulu Board of Realtors released today.
In September, 448 single-family homes were sold and 764 condominiums were sold.
"The condominium market is particularly hot," said Mary Flood, newly-elected president of the Honolulu Board of Realtors. "Sales speeds continuing at the sub-20 day level for the fifth straight month. In September, condominium sales agreements were reached after just 16 days on the market."
Low inventory has been holding back sales in recent months, but the board reported a rise in inventory last month.
"The number of active inventory listings went up in September by about 20 percent for both property types," said Harvey Shapiro, research economist at the Board of Realtors. "There were 1,205 single family home listings available for sale in the market and 1,296 condominiums. While we believe that this increase was most likely a seasonal adjustment, this is good news for buyers as there are more choices in the Oahu housing market."
