October 2010 Residential Resales Statistics * * The days on market are a very good sign of velocity

The board said Tuesday that 241 single-family homes were sold on Oahu last month, down 16.9 percent from the 290 sold in October 2009. At the same time, the 310 condominiums sold represented a 21.3 percent drop from the 394 that traded hands a year ago.

The median sales price for homes was $595,750 in October, 1.4 percent lower than the $604,500 posted in October of last year, HBR said. October 2010's figure is down about $25,000 from last month. The HBR said the median sales price for condos remained unchanged at $300,000 from October to October, but down $34,000 compared to September 2010.

“These numbers are not surprising when you consider that last year at this time we were at the height of
the first-time homebuyer tax credit frenzy, which stimulated real estate sales in what is typically a slower period in the market,” said Brian Benton, president of the Board. “The days on market are a very good sign of velocity. In fact, we haven’t seen days on market or inventory this low since 2005, which was the
peak of the market.”

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