Continued upward trend in market a positive indicator as strong Summer comes to close
HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of August. According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:
*Median price means half the prices were above and half below the given price.
During August, sales of single-family homes increased by 24.9 percent and condominiums increased by 12.5 percent from August 2012. The median price paid for single-family homes in August increased 9.2 percent from the same month last year to $665,000. The median price for condominiums increased 9.4 percent from August of last year to $350,000. According to the Days on Market indicator, single-family homes were on the market for an average of 20 days and condominiums for 19 days.
“With double-digit percentage increases for both single-family homes and condominiums, we really experienced a boom in number of sales compared to August of last year. Properties are moving fast, and data is showing the median sales price rising significantly,” said Kevin Miyama, president of the Honolulu Board of REALTORS®. “Given the historically low inventory on the market, on-the-fence sellers should consult a REALTOR® about listing, as now may be the right time.”
The public is encouraged to visit the Board’s Internet web site at www.HiCentral.com to see what's happening in the housing market. The public has the ability to search through Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location, price range or both. HiCentral.com provides useful information about buying and selling real estate in Hawaii.
Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,500 boards of REALTORS® in the nation and, with over 5,300 members, one of the largest trade organizations on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry who pledge to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.HiCentral.com.
(This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. The time delay between the signing of a sales contract and the closing of escrow is usually between one and three months.)
Click here for a printable pdf version of this report.
© 1995-2012 Honolulu Board of REALTORS®. All rights reserved.Information herein deemed reliable but not guaranteed.
Note: Honolulu Board of REALTORS® receives inquiries seeking professional advice; however the Honolulu Board of REALTORS® staff is not qualified, nor licensed, by the state of Hawaii to properly address real estate or legal issues. For questions concerning these issues, consult with either the Hawaii Real Estate Commission, your Principal Broker, or an Attorney.