Oahu home sales show signs of recovery - Washington Business Journal:

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The median price for a single-family home was $550,00 in May compared to $649,500 a year ago, accordinhg to data from the . It also was the seconcd lowest price in the past 12 The median price was based on 225 down 11 percent from the same monthin 2008, when 252 housex were sold, but far better than the first four months of 2009. “The Oahu residentiak housing market is still weak but there are indicationes that we may be nearthe bottom,” said boardx President Sandra “Sam” Bangerter. “Single-family home salew rebounded a bit in May and the salesa speed of 49 days was faster than at the same timelast year.
” Bangerte noted that while single-family home pricew dipped, “the condominium median price has been holding quite steady at just over $300,000. These are just some of the signalxs that our housing market may be starting to returnto normalcy.” The median pricr of a condo on Oahu in May was which was 10 percent less than $337,30 0 in May 2008. That was based on 263 down 31 percent from the 382 sales in May but the highest monthly number sinceOctobedr 2008.
The median condo price in May was on a par with Januaryand December, and higher than two of the past 12 “Mainland cities have experienced significant inventory bloat and, with limitexd demand, this is the culprit in their falling said Harvey Shapiro, the board’s researc economist. “The fact that Oahu’s inventory of available propertiea continues to be low is the importan t factor that is keeping our priceswmore stable.” Shapiro noted that single-familty home prices in Hawaii Kai and Mililani decreasefd by only 7 percent, and that pricese for condos in Kapahulu, Ala Moana-Kakaako and Kailus actually rose last month.
“Inb an otherwise lackluster housing market, thesse positives may predict a turnaround for real even asthe state’s economic conditions continue to he said.