Number crunching: January 2013
The Honolulu Board of Realtors (HBR) released their resale statistics for January 2013 today, indicating that the median sales price for single-family home sales dropped slightly in compared to January 2012. Does this mean prices are going down? Not necessarily.
According to HBR President Kevin Miyama, the median sales price for single-family homes decreased because there was higher volume of sales in the lower price ranges last month. He explained that a high number of first-time homebuyers were getting into the market, like the Pachecos. This means that fewer high-priced homes sold by comparison, which bumped the median price down.
“Overall, January’s numbers are good, with sales of single-family homes and condominiums continuing to be strong,” Miyama says. “There is a lot of activity in the market, and we’re optimistic low interest rates and reasonable prices will continue to fuel the positive trend we’ve been seeing these past few months.”
January’s resale statistics, gathered from HBR’s Multiple Listing Service, were as follows:
- Single-family home sales increased 29.7 percent, with 227 units sold compared to 175 in January 2012. Condo sales increased 5.9 percent—286 units sold, compared to 270 last January.
- The median price for single-family homes dipped 3.9 percent to $595,000, whereas it was $618,900 during the same time last year.
- The median condo price for January 2013 was $315,000, a 3.3 percent increase over last January’s $305,000 median.
- 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 23 days and condominiums listing for 36 days.
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. For more information, visit www.HiCentral.com.