A total of 121 single-family homes and 155 condominium units changed hands last month, compared with 131 houses and 192 condominiums in March 1995. However, last month's figures were higher than the 104 houses and 147 condominium units that were sold in February.
Realtors report that there are many qualified, interested buyers looking for properties, said Helen Lindemann, president of the 4,500-member trade association.
"But those buyers are weighing all of their options and are exercising a great deal of caution before making purchasing decisions," she said. Lindemann said there needs to be a return of consumer confidence in the local economy before the market improves.
Noting the 19.3 percent decrease in March condominium sales compared with a year earlier, Lindemann said condominium sales have been slow for several months. February and March figures, however, were each higher than the previous month and that is encouraging, she said.
Prices of single-family homes were down from a year earlier but condominium prices were up, the trade group said.
The median price among single-family homes last month was $325,000, down 4.1 percent from the $339,000 March 1995 median, the point where half the prices were higher and half lower. The condominium median last month was $190,000, up 7.2 percent from the March 1995 median of $177,250.
For the first three months of this year, single-family home sales were ahead of 1995, a total of 363 compared with 347 in the first quarter of 1995, an increase of 4.6 percent. However, condominium sales through the three months were down 17 percent, with 441 units changing hands January through March, compared with 531 a year earlier.
The Honolulu Board of Realtors does not monitor sales of new homes.
It records changes of ownership among existing properties as shown in its computerized Multiple Listing Service.