Monday, February 11, 2013

Honolulu Board of REALTORS® Releases January, 2013 Residential Real Estate Resale Statistics

The Honolulu Board of REALTORS® has released the residential resale statistics for Oahu, Hawaii for the month of January, 2013.

The median price of single family homes has dropped to $595,000, down from $618,900 from January of 2012. The condominium market has increased to $315,000, up from $305,000. There were 227 single family home sales and 286 condominium sales, both figures are up from 2012.

Single Family Home Inventory by Price Range
Condo Inventory by Price Range

The months of remaining inventory in both markets are significantly lower than January of 2012's numbers. Single family homes have 2.3 months remaining, a 55.8% decrease. Condominium market has 2.7 months remaining, a 42.6% decrease. This graphs above shows a break down of the inventory according to price range.
Paul Brewbaker, TZ Economics
Last week Wednesday I shared this picture of Paul Brewbaker of TZ Economics showing a slide from his presentation. This is the slide of a projected $1,000,000 median sales price of single family homes and Paul pointing out how difficult it may be to explain to the consumer that the median price for a home in Honolulu could possibly reach $1,000,000 in the next few years.

Are you anticipating a $1,000,000 median price in the next few years? Will you be able to afford a median sales price in that range? What if the mortgage interest rate doubles or triples from the extremely low current rates?

Honolulu Board of REALTORS® January, 2013 Statistics [PDF]


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Rick Nakama, REALTOR® RB-20356
Honolulu Real Estate

Rick Nakama Realty LLC
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