Number crunching: March 2012
The Honolulu Board of Realtors (HBR) released resale figures today for March 2012, showing significant median price increases and sales increases (depending on how you look at it). The availability of homes for sale continues to decline, which is a big factor in the rise in prices.
According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:
- The number of single-family homes sold in March 2012 decreased 10.8 percent from 249 units in March 2011 to 222 units. However, there were 346 pending sales in March 2012 compared to 322 last year.
- The median price of a single-family home in March 2012 was $625,000, which is a13.9 percent increase over the same time last year.
- March condo sales increased 2.1 percent in 2012 with 338 units sold, compared to 331 sold in March 2011. However, compared to units sold in February 2012, this is a significant 48.9 percent increase.
- The median price for condos in March 2012 was $311,750, a decrease of 1 percentcompared to March 2011.
- According to the Days on Market indicator, sales for single-family homes were accepted at a slower pace last month compared to a year ago with single-family properties listing for 44 days; condominiums were accepted in a shorter amount of time, listing for 39 days, down from 46.
“Looking to the future, we’re cautiously optimistic, especially given the 7 percent year-over-year gain we’re seeing in pending sales for both single-family homes and condominiums,” says HBR President Joe Paikai.
This chart shows the number of active listings for sale at the end of each given month over the last two years, which demonstrates a steady decrease in units available for sale.
This chart shows the median prices for homes and condos spanning the last two years. Although prices have gradually increased, for the most part they have remained stable with no dramatic increases or decreases despite the lack of inventory.
To see the full report and full-sized charts, 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 timedelay between the signing of a sales contract and the closing of escrow is usually between one and three months.)