Number crunching: February 2012
Single-family home sales and median prices were on the rise in February 2012, compared to the same time last year, according to resale figures released today by the Honolulu Board of Realtors (HBR). Data was collected from its computerized Multiple Listing Service (MLS) system, to show:
- For the second month in a row, median single-family home prices increased compared to the same time in 2011. In February 2012, the median price was $625,000, which is a 9.6 percent increase over February 2011’s median price of $570,000.
- Single-family home sales increased 19.9 percent to 217 units in February 2012. In February 2011, 181 units were sold.
- 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 34 days.
- Condominium sales slowed in February 2012; 227 units sold last month compared to 295 inFebruary 2011, which is a 23.1 percent decline.
- The median price for condos also dipped slightly, showing $315,000 in February 2012 against $320,000 in February 2011.
- The Days on Market indicator showed that condominiums were accepted in a longeramount of time, listing for 40 days, up from 36.
“February was an extremely strong month in the single-family housing market,” said HBR President Joe Paikai. “We saw significant increases in both the number of sales and the median sales prices compared to February of last year. It is also encouraging to see the mediansales prices of both single-family homes and condos continue to rise.”
To see the entire 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 the signing of a sales contract and the closing of escrow is usually between one and three months.