Number crunching: August 2012

The Oahu housing market finished summer with strong numbers, with increases in both sales numbers and prices in condo and single-family homes. The Honolulu Board of Realtors (HBR) recently released its monthly resale statistics for August 2012.

During August, single-family home sales increased 5 percent, with 293 units sold compared to 279 in August 2011. Condo sales increased 21 percent, as 409 units sold compared to 338 at the same time last year.

Other August 2012 HBR statistics include:

• The median price paid for Oahu properties in August was $609,000 for single-family homes, an increase of 9.2 percent over August 2011.
• The median price for condominiums increased 6.7 percent over last year to $320,000.
• According to the Days on Market indicator, sales for 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 25 days and condominiums listing for just 28 days.

“This has been one of the best summers we’ve seen in many years, with closed and pending sales of both single-family homes and condominiums rising throughout the summer to highs in August,” said Joe Paikai, president of the Honolulu Board of Realtors. “This is a good indicator that the market is finally recovering.”

For more information, 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.