The Honolulu Board of Realtors released the MLS data and September 2012's residential resales statistics. Indicators for the month continue to show a trend of lower days on market, less inventory and increased sales volume.
“One of the biggest trends that we saw in September was the decrease in days on market for both single family homes and condos,” said Joe Paikai, president of the Honolulu Board of REALTORS®. “There is less inventory now than a year ago, so homes are selling faster and prices are continuing to rise.”
The median price of Single Family Homes is up 11.8% at $637,000 and Condominiums is up 0.9% at $319,500 according to figures compared to September 2011. There were 304 Single Family Home sales and 350 Condominium sales closed during September 2012.
The increase in median sales price and volume of sales in the residential resale market combined with the decrease in median days on market, decrease in number of new listings and decrease in months of remaining inventory could indicate that home prices are on the rise. With the holiday months coming up, the activity could see a slight dip in activity as it usually has in the past years. These next few months could be the opportune time for buyers in the market for a home since the holiday months tend to "cool down".
Source:
Honolulu Board of Realtors Residential Resale Statistics for September 2012 [PDF].
Rick Nakama, Realtor
Information deemed reliable, but not guaranteed. East Oahu Realty, Inc. 6600 Kalanianaole Hwy #114, Honolulu, Hawaii 96825
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