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HBR (Honolulu Board of Realtor) Report:

During November, sales of 251 single-family homes and 333 condominiums were reported through the Board’s MLS, increases of 1.2 percent and 5.4 percent, respectively, for single-family homes and condominiums from November 2010. The median price paid for island properties in November was $580,000 for single-family homes and $295,000 for condominiums, an increase of 1 percent for single family homes and a decrease of 5.4 percent for condominiums compared to the same month last year. According to the Days on Market indicator, sales of single-family homes and condominiums closed at a faster pace last month compared to a year ago, with homes listing for 35 days and condominiums listing for 42 days.

“We are pleased to see that sales of both single-family homes and condominiums have increased compared to last year. In fact, this is the fourth month in a row that condominium sales have been up, as buyers take advantage of lower prices and quicker deals and the inventory clears out,” said Joyce Nakamura, President of the Honolulu Board of REALTORS®. “This is pretty positive news given that November is historically one of the slowest months for real estate sales."