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Tuesday, August 7, 2012

Number crunching: July 2012

The real estate market—especially condos—experienced a significant increase in July 2012 over the same time last year, according to a report released today by the Honolulu Board of Realtors (HBR) using data collected from its Multiple Listing Service.

July highlights are as follows:

  • Sales of single-family homes increased 5.6 percent over the same time last year, from 251 homes to 265.
  • The median price paid for Island properties in July was $635,000 for single-family homes, up 7.4 percent from $591,000 last year.
  • Condo sales were up 21.3 percent, with 364 units sold in July 2012 compared to 300 units in July 2011.
  • According to the Days on Market indicator, sales for both single-family homes and condominiums were accepted at a faster pace last month compared to a year ago, with single-family properties listing for 25 days and condominiums listing for just 29 days.

“July was an exceptional month for the Honolulu housing market. We saw numbers rise for both single-family homes and condominiums. Condominium sales have been steady over the last few months, but in July we saw a huge leap,” said HBR President Joe Paikai. “Heading into the fall, the numbers are looking great—from major increases in pending sales for both single-family homes and condominiums to a decrease in the median days on market.”

To see the full report, 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 knownonly after closing of escrow. The time delay between the signing of a salescontract and the closing of escrow is usually between one and three months.

Posted on Tuesday, August 7, 2012 in Permalink

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About This Page

Honolulu Real Estate focuses on the Hawaii housing market, condos and homes for sale, Hawaii rentals and general news about real estate in Hawaii. It also includes stories on apartment living, home decor and profiles.
 


Melissa Chang graduated from the University of Hawaii with a degree in journalism and has been blogging since 2007, mostly on food and travel. She works primarily in social media, so you can find her online @Melissa808 on Twitter and Instagram.


 


Jaymes Song is a real estate agent at Prudential Advantage Realty in Kahala. Jaymes is in the top 7 percent of Prudential agents nationwide. Previously, Jaymes was at The Orange County Register, Honolulu Star-Bulletin and rose through the ranks to overseeing news and operations for AP in Hawaii and the Pacific Rim. Jaymes lives in the Portlock area and loves his real full-time job of being dad to two curious kids.


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