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The Honolulu real estate market appears to be stabilizing and improving, despite a substantial increase in foreclosures over the last month. According to an April 7, 2010 article in the Pacific Business News, “Oahu home sales soared 32 percent year over year in March, rounding out a positive 2010 first quarter for the residential market. There were 251 single-family homes sold last month, up from 190 homes sold in March 2009, according to the Honolulu Board of Realtors.” The piece continued to state that “Condominium sales also skyrocketed, by 36 percent, with 352 condos sold last month, compared to 258 units sold the previous March. Meanwhile, the median price of a single family home rose to $599,000, up 4.2 percent from $575,000 in March 2009, while the median price of a condo was $310,000, up 3.3 percent from $300,000 in the year-earlier period.”
This same general trend for Honolulu real estate was noted in an April 6, 2010 article in the Honolulu Advertiser, which found that “O’ahu’s housing market appears to have established a firm footing toward recovery, with sales activity in March marking the third consecutive month that single-family home median prices rose over the same month last year.” The piece, composed by Andrew Gomes, continued to state that “The number of sales also continued to grow, according to a report from the Honolulu Board of Realtors. The same was true for condominium sales. However, some observers wonder whether the improvements will continue after federal tax credits for home purchases expire at the end of this month, which is keeping some leaders of the industry from proclaiming that the market is rid of weakness in home prices.”
The biggest potential trouble spot for Honolulu homes for sale is foreclosures, although the evidence suggests that trend may be leveling out. According to an April 15, 2010 article in the Honolulu Star Bulletin by Allison Schaefers, “Hawaii foreclosures soared above 1,000 for the third time in four months and distressed property rates on the Big Island and Maui were above the national average for March and for the first quarter, RealtyTrac reported today.”