Number crunching: May 2012
Real estate prices are steadily on the rise, according to the monthly statistics released by the Honolulu Board ofRealtors (HBR) today. The median price for single-family homes in May 2012 increased 11.6 percent to $664,000 over May 2011. Condo prices also increased, with the median price being $300,000—a 3.4-percent bump over the same time last year.
During May, sales of 243 single-family homes and 371 condominiums were reported through the Board’s MLS—although condo sales numbers increased, the number of single-family homes sold remained flat for May 2012 compared to the previous May.
According to the Days on Market indicator, sales for single-family homes were accepted at a faster pace last month compared to a year ago, with single-family properties listing for 28 days; condominiums were also accepted in a shorter amount of time, listing for just 32 days.
“Over the last few months we’ve seen a steady increase in single family home prices. Last month, a large number ofluxury home sales resulted in prices peaking at $664,000, a high since June of 2007,” said HBR President Joe Paikai. “We also saw an increase in pending sales for both single family homes and condos, which leads us to be optimistic going into the summer.”
To see the full report, visit 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 thesigning of a sales contract and the closing of escrow is usually between one and three months.)