The Honolulu Board of Realtors released the residential resale statistics for August 2012.
“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.”
The MLS data results are showing signs that the market is improving in the Single Family Home (SFH) and Condominium categories with overall positive numbers. SFH data shows the Median Price of August 2012 sales is $609,000, up 9.2%. Condominiums Median Price is $320,000, up 6.7%. The number of Closed Sales of SFH were 293, a 5% improvement while Condominiums had 409 sales, a 21% improvement.
The increased activity is also evident with reduced Median Days on Market figures in both categories. The Median Days on Market for SFH was 25 days while Condominiums median was 28 days compared to 31 and 41 days, respectively, in August of 2011. The quicker pace of the inventory selling correlates with the other indicators of an improved marketplace. During the month of August SFH and Condominium listings have received an average of 97.4% and 98.5%, respectively, of their list prices. Pricing the homes in line with the market results in increased activity.
The Months of Remaining Inventory report shows that there was 3.5 months of SFH inventory and 4.1 months of Condominium inventory. In comparison, during August of 2011, there was 6.2 months of SFH inventory and 5.8 months of Condominium inventory remaining. Lower inventory results in increased demand because selection is limited. If inventory gets too slim, it could slow activity down again because the buyers will have difficulty finding the home that they want.
Is the last quarter of 2012 the time for you to buy or sell?
Source:
Honolulu Board of Realtors Monthly Statistical Report for August 2012 [PDF]
Rick Nakama, Realtor
http://fb.me/RickNakamaR
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