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Wednesday, August 7, 2013

Number crunching: July 2013

Number crunching: July 2013

Strong sales of Oahu homes continued through July, according to the latest market figures from the Honolulu Board of Realtors.

Sales prices for both single-family homes and condominums showed gains over July 2012, and the homes were reselling more than a week faster than they did last year, according to the report released today.

Last month, 290 single-family homes were resold at a median price of $647,500. That's a 9.4 percent increase in sales and a 2 percent increase in price. Almost all homes—99.9 percent—were sold at least for the asking price.

Meanwhile, condominiums showed even bigger increases—up 17 percent to 426 sales in July, and an 8 percent median price increase to $345,000. Ninety-nine percent of sellers received their asking prices.

The higher prices didn't scare away buyers, according to the median days on the market. In July 2012, single-family homes were on the market for about 25 days, and single family homes sold at roughly 29 days. Last month, single family homes were on the market for 17 days and condos for 20.

"Realtors are reporting that properties are selling quickly, making it more important than ever for buyers to be prepared by being pre-qualified for a loan, so when they are ready to make a purchase, they can act fast," said Kevin Miyama, president of the Honolulu Board of Realtors, in the market figures release.

“With the median sales prices rising compared to this time last year, especially for condominiums, on-the-fence sellers should consider listing their properties now to take advantage of the shortage of inventory on the market,” he added.

Visit the Honolulu Board of Realtors website at hicentral.com for more detailed statistics.

Posted on Wednesday, August 7, 2013 in Permalink

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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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