Honolulu (courtesy of Watchdog.org)

HONOLULU — The Honolulu Board of REALTORS® released resale figures today for the month of June 2014.  According to the analysis conducted by the Board, using data collected from its computerized Multiple Listing Service (MLS) system, the statistics are:

Single-Family Home Resales

Number of

Sales

This Month

Compared To

Median*

Sales Price

This Month

Compared To

June 2014

303

$700,000

June 2013

308

-1.6%

$677,250

+3.4%

 

Condominium Resales

Number of

Sales

This Month

Compared To

Median*

Sales Price

This Month

Compared To

June 2014

411

$360,000

June 2013

392

         +4.8%

$330,000

+9.1%

*Median price means half the prices were above and half below the given price.

During June, the median price paid for single-family homes increased 3.4 percent from the same month last year to $700,000.  The median price for condominiums increased 9.1 percent from last year to $360,000.  The previous high median sales price for single-family homes was $685,000 in December 2013, while the previous high for condominiums was $359,000 in February 2014.  Sales of single-family homes decreased by 1.6 percent, while condominium sales increased by 4.8 percent from June 2013.  According to the Days on Market indicator, single-family homes were on the market for an average of only 19 days, while condominiums were on the market for an average of 25 days.

“June was a remarkable month, both single family homes and condominiums shattered the previous records for median sales price,” said Julie Meier, president of the Honolulu Board of REALTORS®.  “This shows the very strong demand we’re currently seeing for housing.  That demand, coupled with low inventory, is what’s causing the continued growth in median sales prices.  We do see inventory rising, but not enough to offset the demand, especially for single-family homes.”

Honolulu (courtesy of Watchdog.org)
Honolulu (courtesy of Watchdog.org)

The public is encouraged to visit the Board’s Internet web site at www.HiCentral.com to see what’s happening in the housing market.  The public has the ability to search through Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday.  All searches can be done by geographic location, price range or both.  HiCentral.com provides useful information about buying and selling real estate in Hawaii.

Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,500 boards of REALTORS® in the nation, and, with over 5,300 members, it is one of the largest trade organizations on Oahu.  Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry who pledge to adhere to a strict Code of Ethics and Standards of Practice.  For more information, call (808) 732-3000 or visit www.HiCentral.com.

(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.)

 

Report submitted by the Honolulu Board of Realtors

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