During May, sales of 243 single-family homes and 330 condominiums were reported through the Board’s MLS, decreases of 15.3 percent and 10.3 percent, respectively, for single-family homes and condominiums from May 2010.
The median price paid for island properties in May was $595,000 for single-family homes and $290,000 for condominiums, decreases of 0.8 percent for single-family homes and 4.9 percent for condominiums, compared to the same month last year.
According to the Days on Market indicator, sales closed at a slower pace last month compared to a year ago with single-family homes listing for 31 days up from 27 and condominiums listing for 36 days up from 28.
“While median prices in comparable Mainland markets have dropped significantly, Honolulu’s prices have been holding up relatively well,” said Joyce Nakamura, President of the Honolulu Board of REALTORS®. “Moreover, pending sales for both single-family home and condominiums are significantly up from last year, which demonstrates the continued demand for island properties.”