Number crunching: September 2012
It’s a simple case of classic economics: High demand for homes as the supply is squeezed means that prices rise, as demonstrated in the latest statistics released by the Honolulu Board of Realtors (HBR).
According to its latest report, housing inventory has steadily decreased every month for the last two years. Median prices, meanwhile, continue to rise for both condos and single-family homes. The statistics for September 2012, compared to September 2011, include:
- Single-family home sales increased 7 percent over the same time last year with 304 units sold compared to 284.
- The median price paid for Island properties in September 2012 was $637,000, which is 11.8 percent more than the same time last year.
- Condo sales saw a slight decline, with 350 units sold last month. In September 2011, 364 units sold—3.8 percent better than this year. However, median prices increased slightly this year by .9 percent, up from $316,500 to $319,500.
- According to the Days on Market indicator, sales of 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 26 days and condominiums listing for just 27 days.
“One of the biggest trends that we saw in September was the decrease in days on market for both single-family homes and condos,” says HBR president Joe Paikai. “There is less inventory now than a year ago, so homes are selling faster and prices are continuing to rise.”
For more information, and to see the whole 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 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.