Although there was a seasonal drop in sales from the month before, year-over-year sales in both single-family homes and condos are up. Single-family home closings were up 12.8% over a year ago, at 203, and condo closings were up 10%, reaching 341, while median sales prices for both remained stable. More properties are being offered for sale compared to a year ago, and there is sustained demand from prospective buyers.

November Monthly Statistics Report shows:

• The median sales price for single-family homes was $1,115,000, up a modest 1.4% from a year ago, and condos saw a median sales price of $530,000, up 2.7%.
• Single-family homes spent slightly less time on the market in November, with a median of 24 days compared to 29 days last year. Condos, however, saw a median of 32 days, up from 23 a year ago.
• Both markets saw an increase in new listings in November, with 297 new single-family home listings, up 11.2%, and 598 new condo listings, up 30.9%. The condo market saw a notable 93.8% rise in new listings priced at $1,000,000 or above, with 124 at that level compared to 64 a year ago.
• Active inventory showed a modest increase over last month, up 1.1% for single-family homes and 4.7% for condos; the month ended with 749 active single-family home listings and 2,049 condo listings. Single-family home inventory is up 11.5% over a year ago, and condo inventory is up 53.3%.

"Although seasonal trends produced a drop in sales from a month ago, the uptick in sales year-over-year in both single-family home and condo markets was positive," said Immediate Past President of the Honolulu Board of REALTORS®. "We also continued to see more sellers offering properties for sale compared to a year ago and sustained demand from prospective buyers, resulting in a balanced market."

source: Honolulu Board of Realtors