Single Family Home sales for the month of June are up in volume with 279 sales compared to the same month in 2011 at 248 sales. This is a 12.5% increase in volume. The median price is also up by 10.2%, $620,000 from $562,500. The average days on market is also down to 34 days from 36 days, indicating increased activity in certain price ranges.
The Condominium/Townhouse market is experiencing a slight decline in sales volume and median sales price. There were 342 sales in June 2012 compared to 354 in 2011, down 3.4%. The median sales price is reported at $297,000 compared to $301,000 last year, down 1.3%. The average days on market is about the same, 38 in June 2012 compared to 39 in June 2011.
The noticeable increase in activity in the Single Family Home market puts added pressure on buyers shopping in certain price ranges. I have highlighted the graphs showing the average days on market by price range for both the Single Family Homes and the Condominium Townhouses. The graph is helpful because if you know the price range that you are trying to purchase or sell in, it gives you a good idea how active that marketplace is compared to others. For a seller, it can give you an idea of how long it could take to sell your home if it is priced properly. For a buyer, it can help anticipating how much competition you can expect when shopping in a price range.
Source: Honolulu Board of Realtors Residential Resale Statistics Report for June 2012 [PDF]
Rick Nakama, Realtor
808-382-6761 East Oahu Realty, Inc.
Information is believed reliable, but is not guaranteed.