Number crunching: November 2012
Real-estate prices and sales numbers rose once again in November, according to statistics recently released by the Honolulu Board of Realtors (HBR). This isn’t a surprising trend, since inventory continues to shrink for hopeful homebuyers.
The median price paid for single-family homes in November 2012 was $640,000—a 10.3 percent increase over the $580,000 median in November 2011. Despite lower inventory than last year, 290 homes sold, which is 15.5 percent more than the same time last year.
Condo sales showed an increase of 9 percent, with 363 units sold in November 2012 compared to 333 in November 2011. The median sales price also rose 10.2 percent, from $295,000 to $325,000.
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 29 days and condominiums listing for just 22 days.
“The local real estate market has been picking up momentum over the last few months, and the month of November continued the trend with increased property sales andprices on Oahu,” said HBR president Joe Paikai. “As 2012 comes to a close, we can be extremely optimistic about the strength of the market going into 2013.”
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.