Number crunching: January 2012
The Honolulu Board of Realtors (HBR) released its monthly resale statistics for Oahu today, indicating a bump in median sales prices compared to the same time last year.
According to the Board's MLS, the median price for single-family homes in January 2012 was $618,900, which is an 8.6 percent increase over January 2011, when the median sales price was $570,000. The median condo price also increased from $291,000 to $305,000 in January 2012, a 1.9 percent increase.
"January's numbers are extremely encouraging, and it's great to be able to start off the New Year with positive signs of market recovery," said HBR President Joe Paikai. "For the last five months, we've seen a steady increase in the median cost of single-family homes, and higher-end condos are also moving well. In fact, 16 percent of condos sold in January surpassed the $500,000 price range."
Other highlights for January 2012 include:
- Sales of single-family homes decreased from 199 to 175, a 12.1 percent decline compared to January 2011. However, this could also be attributed to a slowdown in inventory.
- Condo sales increased slightly, from 265 units sold last January to 270 units sold this year.
- According to the Days on Market indicator, sales for single-family homes closed at a slower pace last month compared to a year ago with single-family properties listing for 50 days, up from 38; condominiums closed at a quicker pace, listing for 45 days, down from 49.
To see the entire report, visit www.hicentral.com.