Oahu Home Sales

Oahu Homes Sales Fall in July While Prices Hold Relatively Firm

Prospective Oahu home buyers continue to be dissapointed with the frustratingly high home prices, while many home sellers are equally frustrated at the length of time now required to receive a quality offer to purchase their home……Something must give soon, either prices come down or buyers come to the table…….Only time will tell.

Home prices on Oahu dipped only slightly in July as the number of sales continued to drop in the double digits.

The median price of a single family home on Oahu was $620,000, which was a 3 percent decline from the median price for June 2007 of $640,000, according to the Honolulu Board of Realtors.

The median price of a condominium last month was $329,900, just 1.5 percent down from July 2007, when the median price for a condo unit was $335,000.

The number of sales, however, fell more than 20 percent in both categories, and the days on market has increased as well, to 52 days for a house to sell and 42 days for a condo, noted Dana Chandler, the board’s president.

There were just 251 homes sold in July, which was down 26 percent from July of last year, when 339 sold. It’s also in line with sales so far this year, which also are running about 26 percent behind the first seven months of 2007.

The number of condos sold in July was 365 units, down more than 20 percent from the same month in 2007, when 457 units sold. Year to date, sales of condos are nearly 27 percent lower than the same period in 2007.

Stay tuned.

This entry was posted on Friday, August 15th, 2008 at 8:49 pm and is filed under For Buyers, For Sellers, Market Watch, Updates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.