Number crunching: February 2013
Condominium sales and prices saw a bit of an increase in February 2013, while single-family home sales and prices dropped a bit compared to the same time last year, according to resale figures released by the Honolulu Board of Realtors (HBR) today.
“These numbers aren’t all that surprising, given that February is typically a down month in Honolulu. We anticipate the numbers will start to climb from now until July, which is the high point in the market,” says HBR president Kevin Miyama. “For single-family homes, we’re continuing to see limited inventory and fewer new listings. On the condo side, sales were quite good when you consider our inventory was down about 27 percent. Compared to single-family homes, we have more condos on the market, especially in the mid-price range.”
The statistics are as follows, comparing sales in February 2013 to February 2012:
- Sales of single-family homes decreased by 7.4 percent, with 201 homes sold compared to 217 last year.
- The median price paid was $600,000, a decrease of 4 percent.
- Condo sales increased from 227 units to 279 units, an increase of 22.9 percent.
- Median prices for condos rose 7.9 percent to $340,000.
- According to the Days on Market indicator, sales of both single-family homes and condominiums occurred at a faster pace last month compared to a year ago, single-family homes were on the market for 25 days and condominiums for 34 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.
